Brooke needs 5 hours to paint a beautiful picture and 2 hours to make a picture frame.

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Brooke needs 5 hours to paint a beautiful picture and 2 hours to make a picture frame. Georgia takes 8 hours to paint an equally beautiful picture and 4 hours to make a picture frame.

a) What two conditions are necessary for Brooke to produce on her PPF?

b) Who has the absolute advantage in pictures? Who has the comparative advantage in pictures?

c) If Brooke and Georgia agree to a trade, what will be the price range (lowest possible price and highest possible price) of pictures?

Related Book For answer-question

Business Statistics A Decision Making Approach

ISBN: 9780133021844

9th Edition

Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry

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Posted Date: Feb 22, 2024 04:43 AM

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Brooke needs 5 hours to paint a beautiful picture and 2 hours to make a picture frame.

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a The two conditions necessary for Brooke to produce on her Production Possibility Frontier PPF are 1 Full utilization of her available resources Broo... View the full answer

Business Statistics A Decision Making Approach

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