Economics305

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As a manager of a financial planning business you have two financial planners, Phil and Francis. In an hour, Phil can produce either one financial statement or answer 8 phone calls, while Francis can either produce 4 financial statements or answer 10 phone calls. Does either person have an absolute advantage in producing both products? Should these two planners be self-sufficient (each producing statements and answering phones) or specialize? Be sure to show your work.



In order to maximize points earned, the following template should be used in answering this assignment. (Please copy and paste the template provided below (items 1 to 3), but not these instructions,into a Word document and state your answers below each question.) Include a cover sheet that follows APA guidelines (5 points):

1. a. Draw a table similar to Table 3.1 on page 52 of the text and in it show the analysis on which answers are based. (25 points)



1.b. Does any person have absolute advantage in both activities? If so, who does? Explain your answer with reference to the table data. (20 points)



1.c. Should both planners be self-sufficient or specialize? If you indicate that they should specialize, then explain who should do which activity and why, with reference to the data in your table. (40 points)

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