Question

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1. Scott and Jenni used to go out to eat every day, but recently have decided to stay at home and cook two meals a day. Both are able to make equally tasty meals, but it takes Scott 40 minutes to make a meal while it only takes Jenni 20 minutes. Then they have to wash the dishes. Each of them takes 30 minutes to do the dishes. a. If each makes one meal and does the dishes once per day, how much time total has Scott spent? How about Jenni? b. If Jenni decides to cook every meal and make Scott do all the dishes, how much time will Jenni save (compared to your answer in part a.)? Will Scott save any time? c. What is Scott's opportunity cost (in terms of number of times doing the dishes) for making one meal? What is Jenni's opportunity cost for one meal? d. Who has the absolute advantage in making meals? Who has the absolute advantage in doing dishes? e. Who has the comparative advantage in making meals? Who has the comparative advantage in doing dishes? 2. Suppose that, due to reasons unknown, there has been a sudden increase in demand for toilet paper. a. If the market adjusts to a new equilibrium, what will happen to the price and quantity of toilet paper? b. Now suppose that instead, the government forces firms to keep prices constant (anti-gouging laws). What will happen to the quantity of toilet paper supplied and demanded? c. Do anti-gouging laws help consumers get enough toilet paper at reasonable prices? Why or why not? d States

Answer 1

Answer to first question provided as per HOMEWORKLIB POLICY :

yuo Scott spent = 40 min + 30 min = 70 mm Jenni spent = 20 mint 30 min = 50min Tenni does 2 meals = 20x2 = 40 min - Save = 10 min Scott does 2 dishes = 30x2 = 60 min. Save = 10 min In o 40 min scott makes I meal In 40 min Scott sean do = tx4a 30 ② I oc of I meal = 4 dinle - 4 dishes. 6 G Jonni, ol of 1 meal = 1. Absolute Advantage Meals: Jenni (Lesser time Dishes : Both (same time) CA - Jenni (lower oc) Meals EA Scott Dishes CA => Sent (*<)