Mikhail and Stefan Are Both Artists Who Can Create Sculptures

question 112

Multiple Choice

Mikhail and Stefan are both artists who can create sculptures or paintings each day.The following table describes their maximum outputs per day.Use this table to answer the following questions.

-What is Stefan's opportunity cost of a sculpture?

• A) 1/2 painting
• B) 1/3 painting
• C) 3 paintings
• D) 1/3 sculpture
• E) 3/5 sculpture

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Definitions:

Income Elasticity

A measure of how the quantity demanded of a good or service changes in response to changes in consumer income.

Normal Good

A good whose demand increases when consumer income rises.

Cross-price Elasticity

An indicator showing the responsiveness of the demand for a particular item to variations in the price of a different item.

Pineapples

Tropical fruits that are known for their sweet and tart flavor, commonly used in cooking and baking.