Mike and Sandy Are Two Woodworkers Who Both Make Tables

question 131

Multiple Choice

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.

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Definitions:

Predicted GPA

An estimation of a student's grade point average based on variables or predictors such as study habits, high school GPA, and standardized test scores.

Slope

A measure of the steepness or incline of a line, calculated as the ratio of the vertical change to the horizontal change between two points on the line.

Intercept

In linear regression, it is the expected value of the dependent variable when all independent variables are zero.

Predicted Income

An estimate of the amount of money that an individual or entity is expected to earn in the future.