Question

In an hour, James can catch 5 pounds of trout or pick 10 pounds of oranges. In an hour, Sam can catch 3 pounds of trout or pick 12 pounds of oranges. The opportunity cost of catching a pound of trout is​ ______ for Jacob than for Sam​, and the opportunity cost of picking a pound of apples is​ ______ for Jacob than for Sam.

Answer 1

The correct answer is: lower; higher.

Step-by-step explanation:

Opportunity cost is the cost of sacrificing the second-best alternative.

James can catch 5 pounds of trout or pick 10 pounds of oranges.

Sam can catch 3 pounds of trout or pick 12 pounds of oranges.

The opportunity cost of catching trouts for James is

=
`(what\ is\ sacrificed)/(what\ is\ gained)`

=
`(10)/(5)`

= 2

The opportunity cost of catching trouts for Sam is

=
`(what\ is\ sacrificed)/(what\ is\ gained)`

=
`(12)/(3)`

= 4

So we see that James has a lower opportunity cost of catching trouts.

The opportunity cost of picking oranges for James is

=
`(what\ is\ sacrificed)/(what\ is\ gained)`

=
`(5)/(10)`

= 0.5

The opportunity cost of picking oranges for Sam is

=
`(what\ is\ sacrificed)/(what\ is\ gained)`

=
`(3)/(12)`

= 0.25

So we see that James has a higher opportunity cost for picking oranges.