Mike and Sandy are two woodworkers who both make tables and chairs. In 1 month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. What is the opportunity cost of 1 chair?
A)1/5 table for Mike and 1/3 table for Sandy.
B)5 tables for Mike and 3 tables for Sandy.
C)1/3 table for Mike and 1/5 table for Sandy.
D)3 tables for Mike and 5 tables for Sandy.

Question

Quizplus · Accepted Answer

The opportunity cost of 1 chair for Mike is 1/5 table because he can make 4 tables or 20 chairs, so 1 table equals 5 chairs. For Sandy, the opportunity cost of 1 chair is 1/3 table because she can make 6 tables or 18 chairs, so 1 table equals 3 chairs.

Mike and Sandy Are Two Woodworkers Who Both Make Tables