Q66Katie and Hugh are producing pies and jars of pickles. Katie can produce either 200 jars of pickles or 100 pies per month. Hugh can produce either 800 jars of pickles or 200 pies per month. Which of the following statements is correct?a.Katie's opportunity cost of producing 1 jar of pickles is 0.5 pies.b.Katie's opportunity cost of producing 1 jar of pickles is 2 pies.c.Hugh's and Katie's opportunity costs of producing are the same.d.Hugh's opportunity cost of producing 1 pie is 0.25 jars of pickles.e.Hugh's opportunity cost of producing 1 jar of pickles is 4 pies.Clear my choice ◄ Midterm 2Jump to...

Answered: Q66 Katie and Hugh are producing pies…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q66

Katie and Hugh are producing pies and jars of pickles. Katie can produce either 200 jars of pickles or 100 pies per month. Hugh can produce either 800 jars of pickles or 200 pies per month. Which of the following statements is correct?

Katie's opportunity cost of producing 1 jar of pickles is 0.5 pies.

Katie's opportunity cost of producing 1 jar of pickles is 2 pies.

Hugh's and Katie's opportunity costs of producing are the same.

Hugh's opportunity cost of producing 1 pie is 0.25 jars of pickles.

Hugh's opportunity cost of producing 1 jar of pickles is 4 pies.

Clear my choice

◄ Midterm 2

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