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Q. Illustrate what is Michelle's opportunity cost of producing potatoes?

Illustrate what is Michelle's opportunity cost of producing chickens?

Illustrate what is James' opportunity cost of producing potatoes?

Illustrate what is James' opportunity cost of producing chickens?

Which person has an absolute advantage in which activities?

Which person has a comparative?

Suppose that y are thinking of each specializing completely in area in which y have a comparative advantage and n trading at a rate of 2.5 pounds of potatoes for 1 chicken, would y each be better off? Explain.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9306285

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