Suppose mike and johnson produce two products- hamburgers, Ask an Expert

Economics

Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts.

a. Draw the production possibility curve

b. Who enjoys the absolute advantage of producing both?

c. Who has a higher opportunity cost of making T-shirts?

d. Who has a comparative advantage in producing hamburgers?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91421820

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