Alice and Bob each produce haircuts and landscaping services. Alice can provide 4 haircuts in one hour. Bob can provide 2 haircuts in one hour. It takes Alice 2 hours to landscape an acre of property. It takes Bob 1 hour to landscape an acre of property. Assume Alice and Bob both work a standard 8 hour day. Which of the following must be true? check all that apply Landscaping an extra acre of property costs Alice 8 haircuts. Landscaping an extra acre of property costs Bob only 25% of the number of haircuts it would cost Alice to landscape the same acre. A haircut costs Bob 1/2 an acre of landscaped property. A haircut costs Alice 1/4 of an acre of landscaped property
Alice and Bob each produce haircuts and landscaping services. Alice can provide 4 haircuts in one hour. Bob can provide 2 haircuts in one hour. It takes Alice 2 hours to landscape an acre of property. It takes Bob 1 hour to landscape an acre of property. Assume Alice and Bob both work a standard 8 hour day. Which of the following must be true? check all that apply Landscaping an extra acre of property costs Alice 8 haircuts. Landscaping an extra acre of property costs Bob only 25% of the number of haircuts it would cost Alice to landscape the same acre. A haircut costs Bob 1/2 an acre of landscaped property. A haircut costs Alice 1/4 of an acre of landscaped property
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter20: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 2CQ
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Alice and Bob each produce haircuts and landscaping services. Alice can provide 4 haircuts in one hour. Bob can provide 2 haircuts in one hour. It takes Alice 2 hours to landscape an acre of property. It takes Bob 1 hour to landscape an acre of property. Assume Alice and Bob both work a standard 8 hour day. Which of the following must be true? check all that apply
Landscaping an extra acre of property costs Alice 8 haircuts.
Landscaping an extra acre of property costs Bob only 25% of the number of haircuts it would cost Alice to landscape the same acre.
A haircut costs Bob 1/2 an acre of landscaped property.
A haircut costs Alice 1/4 of an acre of landscaped property
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