Final answer:
Opportunity cost is an economic concept showing the cost of foregoing the next best alternative; it is used here to compare the cost of producing lumber in Canada and Venezuela. To determine the lumber requirements for theatre flats, dimensions and plans are needed, but the general process would involve totalling the lengths of cuts and dividing by the length of the lumber piece. The total cost is then calculated by multiplying the required number of lumber pieces by the unit cost.
Step-by-step explanation:
The question posed involves calculating the cut lists for various theatrical flats and then determining both the quantity of lumber required and the total cost of the lumber using an economic concept known as opportunity cost. The example provided regarding the opportunity cost calculation in Canada and Venezuela is illustrative of how countries may have different costs in terms of alternate goods that could be produced with the same resources. Note, however, that the example regarding barbers and oil is not directly related to the theatre flats question.
Opportunity cost is a fundamental economic concept expressing the basic relationship between scarcity and choice. It represents the cost of sacrificing the next best alternative when one option is chosen over another. In the example provided, Canada's opportunity cost for producing one unit of lumber is half a unit of oil, whereas in Venezuela, the opportunity cost for one unit of lumber is two units of oil, indicating that Canada has a lower opportunity cost in producing lumber.
To determine the minimum number of 8' - 0" pieces of 1x4 lumber required for the flats, one would need to define the dimensions and construction details of each type of flat (broadway flat, door flat, window flat, and standard 4x8 flat). As the question does not provide these details, we cannot calculate the exact number. However, once the cut list is known, identifying the minimum number of lumber pieces required includes totalling the lengths of all cuts and dividing by the length of the lumber pieces while accounting for waste and cuts. To calculate the total cost of lumber, multiply the number of 8' - 0" 1x4 boards required by the unit cost of $3.22 per board.