May 24, 2016

Homework Help: microeconomics

Posted by Brenda on Tuesday, March 22, 2011 at 2:31pm.

Michelle has 200lbs of potatoes and 50 cchickens. James has 80lbs of potatoes and 40 chickens. what is Michelles opportunity cost of producing potatoes and opportunity cost of producing chickens? Same for James. Which person has an abosolte advantage in which activities? Suppose that they are thinking os each specializing in the area in which they have a comparative advantage and then trading at a rate of 2.5 lbs of potatoes for 1 chicken, would they each be beter off? Explain

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