(Lesson 6.01)
Refer to the table below.

Daily Item Production
Slime Friendship Bracelets
Grey 10 5
Izzy 12 15

Izzy and her younger brother Grey want to earn extra money this summer by selling cans of slime and friendship bracelets in their neighborhood. The table shows how much each can produce in a day if they focus all their efforts on making that product. What is the opportunity cost of slime for Izzy?

Question

(Lesson 6.01)
Refer to the table below.

Daily Item Production
	Slime	Friendship Bracelets
Grey	10	5
Izzy	12	15

Izzy and her younger brother Grey want to earn extra money this summer by selling cans of slime and friendship bracelets in their neighborhood. The table shows how much each can produce in a day if they focus all their efforts on making that product. What is the opportunity cost of slime for Izzy?

BlackTom AI · Accepted Answer

We start by identifying Izzy's production possibilities from the table: Izzy can produce either 12 slime in a day or 15 friendship bracelets in a day if she focuses all her effort on one product.
Next, we determine the opportunity cost of producing slime: it is the amount of bracelets Izzy forgoes by not producing bracelets that day.
Since choosing slime production uses up a full day that could have produced 15 bracelets, the forgone bracelets per day is 15 when producing slime in place of bracelets.
To find the opportunity cost per unit of slime, we divide the total forgone bracelets by the number of slime produced in that scenario: 15 bracelets / 12 slime = 1.25 bracelets per slime.
Expressed as a mixed number, 1.25 equals 1 and 1/4, i.e., 1 1/4 friendship bracelets.
Therefore, the opportunity cost of slime for Izzy is 1¼ friendship bracelets.
Note: The table shows only two products for Izzy; since no alternative answer choices are provided in the options, we evaluate the concept directly from the given production possibilities. The logic remains the same: more slime means proportionally fewer bracelets, at a rate of 15/12 bracelets per slime, which is 1 1/4 bracelets per unit of slime.

SOC-ECONB International Trade Homework

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