Table 2-7 Table 2-7 Shows the Output Per Week of Week

question 39

Multiple Choice

Table 2-7
Table 2-7 shows the output per week of two people,Minnie and Mickey.They can either devote their time to making hats or making umbrellas.
-Refer to Table 2-7.What is Minnie's opportunity cost of making a hat?

• A)1/5 of an umbrella
• B)1/4 of an umbrella
• C)4 umbrellas
• D)10 umbrellas

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Definitions:

Income

The financial earnings received by an individual or entity, typically measured over a set period and derived from wages, investments, or sales.

Cobb-Douglas Utility Functions

A type of utility function used in economics to represent the utility of an individual consumer derived from consuming different amounts of goods or services.

Consumption

The use of goods and services by households or individuals, considered as an economic activity that drives demand and influences economic growth.

Corn

A staple grain used worldwide, serving as a basic food item, a source of livestock feed, and a raw material for biofuel and sweeteners.