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You and a friend must work jointly on a course project. Frankly, your friend is a less-than-ideal partner. His skills as a researcher are such that he can review and outline only two articles a day. Moreover, his hunt-and-peck style limits him to only 10 pages of typing a day. On the other hand, in a day you can produce six outlines or type 20 pages.

1. Who has a comparative advantage in outlining? Who has a comparative advantage in typing?

2. According to the principles of comparative advantage, who must specialize in which task?

3. Presume you have four days to complete the project. In a graph, gauge the number of articles outlined along the horizontal axis and gauge the number of pages typed along the vertical axis. Then draw your Production Possibility Frontier if you work on your own.

4. Presume you have four days to complete the project. In a separate graph, draw the Production Possibility Frontier if you and your friend work together.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91226724

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