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6 May, 18:03

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

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  1. 6 May, 21:30
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    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.
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