(Answered) Question kim can produce 40 pies or 400 cakes an hour liam

Economics

Question: Kim can produce 40 pies or 400 cakes an hour. Liam can produce 100 pies or 200 cakes an hour.

a. Calculate Kim's opportunity cost of a pie and Liam's opportunity cost of a pie.

b. If each spends 30 minutes of each hour producing pies and 30 minutes producing cakes, how many pies and cakes does each produce?

c. Who has a comparative advantage in producing (i) pies and (ii) cakes?

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Microeconomics, Economics

Category:- Microeconomics
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