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Suppose a second individual has the following tradeoffs between income and grades: TotalHours/Hours Studying/GPA/Hours Working/Income 60 50 4.0 10 $60 60 40 3.0 20 $120 60 20 2.0 40 $240 60 10 1.0 50 $300 60 0 0.0 60 $360

a. Define comparative advantage.

b. Does either individual (the one in exercise 4 or the one in exercise 5) have a comparative advantage in both activities?

c. Who should specialize in studying and who should specialize in working?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9685516

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