Question

Marlene and blossom both work as artists. marlene can produce 3 small sculptures each day or 18 paintings. blossom can produce 2 sculptures or 8 paintings each day.

what is the opportunity cost of sculpting for marlene?

Answer 1

The opportunity cost of Marlene sculpting is the number of paintings she cannot paint. For each sculpture she makes, she gives up the ability to produce 6 paintings, which represents the opportunity cost of one sculpture.

Step-by-step explanation:

Understanding Opportunity Cost in Production

The opportunity cost of a specific economic action is what must be given up to perform that action. When applied to production, opportunity cost refers to the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. For Marlene, a sculptor and painter, this concept can be used to determine the cost of producing sculptures over paintings.

According to the information given, Marlene can produce either 3 small sculptures or 18 paintings each day. To find the opportunity cost of Marlene sculpting (producing sculptures instead of paintings), we look at what she sacrifices by not painting. If she spends a day sculpting, she foregoes the opportunity to paint 18 paintings. Therefore, the opportunity cost of Marlene producing one sculpture is the number of paintings she could have produced in the time taken to make that sculpture. Since 3 sculptures equal 18 paintings, we divide 18 paintings by 3 sculptures to find the opportunity cost of one sculpture, which is 6 paintings per sculpture.

Understanding and applying the concept of opportunity cost allows individuals and businesses to make informed decisions that align with their economic goals, ensuring resources are utilized effectively to achieve maximum productivity and profitability. This emphasis on decision-making and trade-offs is central to economic study and can be clearly observed in examples ranging from daily business operations to international trade, where entities assess costs and benefits to optimize their outcomes.

Answer 2

The opportunity cost of sculpting for Marlene is the number of paintings she must give up to produce sculptures. For every small sculpture Marlene creates, she forgoes producing 6 paintings. This cost illustrates her trade-off when choosing between two production activities.

Step-by-step explanation:

Understanding Opportunity Cost in Production

The question revolves around the opportunity cost for Marlene when she chooses to sculpt instead of painting. Opportunity cost is defined as the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. Consequently, by deciding to produce a good or perform an action, one is forgoing the next best alternative good or action.

In the case of Marlene, she can produce either 3 small sculptures or 18 paintings each day. If Marlene decides to devote her day to sculpting, the opportunity cost of producing 3 small sculptures is the 18 paintings she has to forgo. Therefore, the opportunity cost of producing one small sculpture for Marlene is 6 paintings (18 paintings ÷ 3 sculptures).

It's important to note that this calculation is made in a context where only Marlene's productivity and choices are being considered. This concept has broader implications in economics, especially when it comes to decisions about resource allocation and production specialization. For Marlene, specializing in sculptures would be beneficial if she has a comparative advantage in producing them more efficiently than paintings, depending on the market demand and personal gain from both activities.