J make ice in 4 hours and make cream in 2 hours. P make ice in 6 hours and make cream in 4 hours. What is each opportunity cost of making ice
To find the opportunity cost of making ice for J and P, we need to calculate the ratio of cream production to ice production for each person. The opportunity cost is the quantity of one good given up in order to produce more of another good.
For J, the opportunity cost of making ice is the amount of cream he could have produced in the same time. Since J can make ice in 4 hours and cream in 2 hours, we divide the time it takes to make cream by the time it takes to make ice: 2 hours / 4 hours = 1/2. This means that J could produce 1/2 unit of cream for every unit of ice he produces.
For P, we perform a similar calculation. P can make ice in 6 hours and cream in 4 hours, so the opportunity cost of making ice for P is: 4 hours / 6 hours = 2/3. This means that P could produce 2/3 unit of cream for every unit of ice he produces.
Therefore, the opportunity cost of making ice for J is 1/2 unit of cream, and the opportunity cost of making ice for P is 2/3 unit of cream.