Refer to the Table below. SerenaHaleyBracelets89Necklaces1612What is Haley’s opportunity cost of making a necklace?Question 4Select one:a.3/4 of a braceletb.3 braceletsc.1 1/3 necklacesd.2 necklacesClear my choice
Question
Refer to the Table below. SerenaHaleyBracelets89Necklaces1612What is Haley’s opportunity cost of making a necklace?Question 4Select one:a.3/4 of a braceletb.3 braceletsc.1 1/3 necklacesd.2 necklacesClear my choice
Solution
To calculate Haley's opportunity cost of making a necklace, we need to understand the concept of opportunity cost first. Opportunity cost is what you give up in order to do something. In this case, we want to know what Haley is giving up (in terms of bracelets) to make one necklace.
From the table, we can see that Haley can make 12 necklaces or 8 bracelets. This means that for every necklace she makes, she could have made 8/12 = 2/3 of a bracelet.
So, Haley's opportunity cost of making a necklace is 2/3 of a bracelet. However, this option is not listed in the choices you provided. Could you please check the options again?
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