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Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7...


Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts.

a. Draw the production possibility curve

b) Who enjoys the absolute advantage of producing both?

c) Who has a higher opportunity cost of making T-shirts?

d) Who has a comparative advantage in producing hamburgers?


Given,

 

Mike and Johnson produce two goods, viz. hamburger and T-shirts. Hamburger T-shirts Mike 10 3 Johnson 7 4 Table.1. Products Produced By Mike and Johnson Per Day

 

Now we find the solutions...

 


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Oct 15, 2019

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