Ask Question
20 February, 03:09

Each day, Ted can wax 10 cars or wash 15 cars, and Tom can wax 6 cars or wash 8 cars. What is each man's opportunity cost of washing a car

+2
Answers (1)
  1. 20 February, 03:22
    0
    Ted's = 10/15

    = 2/3 = 0.67

    Tom's = 6/8

    = 3/4 = 0.75

    Explanation:

    The opportunity cost of washing a car in each case = No. of cars waxed by each / No. of cars washed by each

    Hence, Ted's opportunity cost of washing a car = 10/15

    = 2/3 = 0.67

    And similarly, Tom's opportunity cost of washing a car = 6/8

    = 3/4 = 0.75

    Thus, for washing 1 car Ted gives 0.67 portion of waxing of Car and Tom gives 0.75 portion of waxing of Car.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Each day, Ted can wax 10 cars or wash 15 cars, and Tom can wax 6 cars or wash 8 cars. What is each man's opportunity cost of washing a car ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers