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The following data represent the production possibilities of two people in solving math and economics problems. If they devote their total effort and time to math, A can solve 10 math problems and B can solve 10 math problems. If

The following data represent the production possibilities of two people in solving math and economics problems. If they devote their total effort and time to math, A can solve 10 math problems and B can solve 10 math problems. If they devote their total effort and time to economics, A can solve 10 economics problems and B 5 economics problems.

The following data represent the production possibilities of two people

a. Who has the absolute advantage?
b. Who has the comparative advantage?
c. Assume that each will be self-sufficient and devote half their resources to math and half to economics. The outcome follows.

The following data represent the production possibilities of two people

Now assume they specialize according to comparative advantage. How much math and economics will they produce together? What are the gains fromtrade?

Transcribed Image Text:

ercento esources Devoted to: Math Economics Math Economics MathEconomics 100 10 10 100 10 Alone no tradMathEconomics MathEconomics 2.5 A B

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a A has an absolute advantage in economics problems b A also gives up 1 math problem to solv…View the full answer


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Managerial Economics Markets and the Firm

Managerial Economics Markets and the Firm

ISBN: 978-0618988624

2nd edition

Authors: William Boyes

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Posted Date: September 27, 2014 06:11:31
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