George produces 10 tables per week and 20 chairs per week, Martha produces 4 tables and 12 chairs per week, what is the opportunity cost for George of tables in terms of chairs

The opportunity cost is calculated by dividing the quantity of what is given up by the quantity of what is gained. In this case, we want to find out the opportunity cost for George of tables in terms of chairs.

Step 1: Identify the quantities of tables and chairs George produces. George produces 10 tables and 20 chairs per week.

Step 2: Set up the ratio of what is given up to what is gained. In this case, we're looking at the cost of tables in terms of chairs, so we set up the ratio of chairs to tables. George gives up 20 chairs to produce 10 tables.

Step 3: Divide the number of chairs by the number of tables to find the opportunity cost. 20 chairs / 10 tables = 2 chairs per table.

So, the opportunity cost for George of producing tables in terms of chairs is 2. This means for every table George produces, he gives up the opportunity to produce 2 chairs.