napter 3: Absolute and Comparative Advantage Part I: Comparative Advantage: No Trade Two individuals, Carmen and Nick operate independently and do not trade their average daily production and consumption over the course of a year are as follows: Daily Hours Worked Average Daily Production and Consumption Carmen 6 2 lbs. of ham 2 5 lbs. eggs Nick ON 5 lbs. of ham 2 lbs. of eggs (1 point) a. Who has the absolute advantage in raising pigs (ham)?_ NICK b. Who has the absolute advantage in raising chickens (eggs)? Carmen (1 point) Part II: Comparative Advantage: Trade and Specialize Now, Carmen and Nick begin to specialize and trade. Recall from the example in your text, both will continue to consume the same amount of their own advantage good as before trade but with trade, they trade away any remaining production. Complete all the missing blanks in the table below. (6 points) Daily Hours Worked Average Daily Production Average Daily Consumption Pig lbs. of Farmer: 8 _lbs. of lbs. of lbs. of Chicken Farmer: lbs. of lbs. of Part Ill: Comparative Advantage and the PPE Graph before trade PPF of each individual producer on the figure below. Label the curves, axes and PPF lines. (3 points) NOTE: do not plot the new post-trade production possibilities