Kayla has 10 hours to pick berries, to catch trout, and to invest in a net. In the absence of investment, it takes Kayla 2 hours to pick 1 basket of berries and 2 hours to catch 1 trout. Kayla has the option to invest by devoting 2 hours into weaving a net. If she weaves a net for 2 hours, then it takes her 2 hours to pick 1 basket of berries and 1 hour to catch 1 trout.
Kayla has 10 hours to pick berries, to catch trout, and to invest in a net. In the absence of investment, it takes Kayla 2 hours to pick 1 basket of berries and 2 hours to catch 1 trout. Kayla has the option to invest by devoting 2 hours into weaving a net. If she weaves a net for 2 hours, then it takes her 2 hours to pick 1 basket of berries and 1 hour to catch 1 trout.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Hi can you please answer this question
Transcribed Image Text:Kayla has 10 hours to pick berries, to catch trout, and to invest in a net. In the absence of
investment, it takes Kayla 2 hours to pick 1 basket of berries and 2 hours to catch 1 trout. Kayla
has the option to invest by devoting 2 hours into weaving a net. If she weaves a net for 2 hours,
then it takes her 2 hours to pick 1 basket of berries and 1 hour to catch 1 trout.
Transcribed Image Text:What is the opportunity cost of 1 trout when Kayla does not weave a net?
O A. OCT = 2 baskets of berries.
OB. OCT = basket of berries.
O C. OCT = 1 basket of berries.
O D. OCT = 4 baskets of berries.
O E. None of the above.
Save Answer
What is the opportunity cost of 1 basket of berries when Kayla weaves a net?
O A. OCBB = trout.
O B. OCBB = 2 trout.
O C. OCBB = 1 trout.
O D. OCBB = 4 trout.
O E. None of the above.
Save Answer
How many trout must be caught so that weaving a net is efficient?
OA. 3.
OB. 3 or more.
O C. 2 or less.
O D. 2 or more.
O E. None of the above.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education