Question: You and your friend want to start a company that sells pancakes. Your friend can make 1 pancake in 1 minute and process a payment

You and your friend want to start a company that sells pancakes. Your friend can make 1 pancake in 1 minute and process a payment in 2 minutes. You take 4 minutes for 1 pancake and 2 minutes for the payment. Explain how and why you should divide the labor.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Step 1 Identify the Skills and Time Requirements Lets first break down the time each of you takes to perform the tasks Your Friend Making 1 pancake 1 minute Processing 1 payment 2 minutes You Making 1 ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!