Katie and Hugh Are Producing Pies and Jars of Pickles

question 103

Multiple Choice

Katie and Hugh are producing pies and jars of pickles.Katie can produce either 200 jars of pickles or 100 pies per month.Hugh can produce either 800 jars of pickles or 200 pies per month.Which of the following statements is correct?

• A)Katie's opportunity cost of producing 1 jar of pickles is 2 pies.
• B)Hugh's opportunity cost of producing 1 jar of pickles is 4 pies.
• C)Katie's opportunity cost of producing 1 jar of pickles is 1/2 of a pie.
• D)Hugh's opportunity cost of producing 1 pie is 1/4 jar of pickles.
• E)Hugh's and Katie's opportunity costs of producing are the same.

Recognize psychological aspects and the importance of family support in the care of children with gastrointestinal disorders.

Identify the complications associated with common gastrointestinal disorders in children.

Educate families on the care and management of children with long-term gastrointestinal disorders.

Understand medication management in treating pediatric gastrointestinal conditions.

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Definitions:

Implicit Costs

The opportunity costs of using resources that a company already owns, essentially the income the company could have earned by using these resources in another way.

Explicit Costs

Direct, out-of-pocket payments for expenses incurred in conducting business, such as wages and materials.

Nonexpenditure Costs

Costs not directly involving monetary payment but may include time, effort, or loss of opportunity.

Economic Cost

A payment that must be made to obtain and retain the services of a resource; the income a firm must provide to a resource supplier to attract the resource away from an alternative use; equal to the quantity of other products that cannot be produced when resources are instead used to make a particular product.