Asked by
Bear, Kiss, Simba
on Nov 11, 2024
Verified
In one week,Mohammed can knit 5 sweaters or bake 240 cookies.In one week,Aisha can knit 15 sweaters or bake 480 cookies.Mohammed's opportunity cost of knitting one sweater is:
A) 480 cookies.
B) 240 cookies.
C) 48 sweaters.
D) 1/48 of a cookie.
E) 48 cookies.
Opportunity Cost
Represents the value of the best alternative that must be given up in order to pursue a certain action or decision.
Cookies
Small files stored on a user's computer by websites to remember user preferences and activity.
- Recognize the impact of opportunity cost on the process of making decisions and the necessary concessions.
- Assess scenarios to pinpoint their respective strengths in varying tasks or activities.
Verified Answer
JJ
Learning Objectives
- Recognize the impact of opportunity cost on the process of making decisions and the necessary concessions.
- Assess scenarios to pinpoint their respective strengths in varying tasks or activities.