Table 18.1 -Consider Two Individuals, Jesse and April, Who Hand Paint Kites

question 199

Multiple Choice

Table 18.1
-Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 18.1 shows how much of each good Jesse and April can paint in one hour. Jesse's opportunity cost of painting one snowboard is painting

• A) 1/8 of a kite.
• B) 1.5 kites.
• C) 8 kites.
• D) 12 kites.

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Definitions:

Marginal Utility

The additional satisfaction or utility that a consumer derives from consuming one more unit of a good or service.

Income

Money that an individual or business receives in exchange for providing a good or service or through investing capital.

Utils Per Dollar

An economic concept used to measure the amount of utility or satisfaction a consumer receives per dollar spent.

Fair Insurance Policy

An insurance contract that is equitable, offering reasonable terms and conditions to all parties involved.