Answer:
See Explanation
Explanation:
Given
In 1 hour:
Amy: 8 walls or 6 outlets
Bill: 5 walls or 5 outlets
Solving (a): Amy
(i) Opportunity cost of the outlets
This can be represented as:
[tex]8\ walls = 6\ outlets[/tex]
Divide both sides by 2
[tex]4\ walls= 3\ outlets[/tex]
This means that: for 3 outlets done, 4 walls are not done.
(i) Opportunity cost of the walls
This can be represented as:
[tex]6\ outlets = 8\ walls[/tex]
Divide both sides by 2
[tex]3\ outlets = 4\ walls[/tex]
This means that: for 4 walls done, 3 outlets are not done.
Solving (b): Bills
(i) Opportunity cost of the outlets
This can be represented as:
[tex]5\ walls = 5\ outlets[/tex]
Divide both sides by 5
[tex]1\ wall = 1\ outlet[/tex]
This means that: for 1 outlet done, 1 wall is not done.
(i) Opportunity cost of the walls
This can be represented as:
[tex]5\ outlets = 5\ walls[/tex]
Divide both sides by 5
[tex]1\ outlet = 1\ wall[/tex]
This means that: for 1 wall done, 1 outlet is not done.