According to Table 1.4, if Salem and Lynn were to tradde belts and pens, what is

Q: According to Table 1.4, if Salem and Lynn were to tradde belts and pens, what is

Option d Belts Pens Opportunity Cost Salem 18 24 1.33 Lynn 18 36 2.00 The opportunity cost of each pen in Salem is 4/3 or 1.33 and in Lynn is 2, hence the price per belt ranges from 4/3 pen to 2 pens per belt Belts Pens Opportunity Cost Salem 18 24 1.33 Lynn 18 36 2.00

ID: 1156697 • Letter: A

Question

According to Table 1.4, if Salem and Lynn were to tradde belts and pens, what is the range of possible prices (i.e. price acceptable to both cities) for a belt?

According to table 1.4, if Salem and Lynn were to trade belts and pens, what is the range d of possible prices (i.e price acceptable to both cities) for a belt? Workers in each city can produce the following number of belts and pens in one day Salem Lynn Belts 18 18 Pens 24 36 Select one: O a. 1/2 of a pen to 3/4 of a pen per belt O b. 3/4 of a pen to 1 pen per belt O C. 1 pen to 2 pens per belt d. 4/3 pen to 2 pens per belt

Explanation / Answer

Option d

Belts

Pens

Opportunity Cost

Salem

1.33

Lynn

2.00

The opportunity cost of each pen in Salem is 4/3 or 1.33 and in Lynn is 2, hence the price per belt ranges from 4/3 pen to 2 pens per belt

Belts

Pens

Opportunity Cost

Salem

1.33

Lynn

2.00

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According to Table 1.4, if Salem and Lynn were to tradde belts and pens, what is

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