Homework Answers
Opportunity cost of 1 dozen cupcake is 2/3 chocolate cake for Meg and 1/5 chocolate cake for Janis. Hence with a lower opportunity cost of cupcakes, Janis can specialize in cupcakes and Meg can specialize in chocolate cakes
Total production: Meg produces 3 dozen cupcakes and Janis produces 1 chocolate cakes
Total production when each of the produce according to the rule of specialization: Meg produces 2 chocolate cakes and Janis produces 5 dozen cupcakes
Meg has comparative advantage in the good with lower opportunity cost which is chocolate cakes. Similarly Janis has comparative advantage in cupcakes.
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write the question number next to its answer
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Concept Q uestion 5.14 n 2 hours, Meg can mate 3 dozen aupcakes or 2 choolate cakes. Her fhiend, Jania, can make S dozen cupcakes or 1 chocolate r Meg specialzes in oupcates and Janis specializes in chocolate cakes, total production of cupcakes wil be dazen cupcakes, and total producion of chooolate cakes wll be chocolate cate
write the question number next to its answer
Japan and India are countries that trade with each other. If Japan has a comparative advantage in televisions and India has a comparative advantage i clothing, which of the following is a correct statement about the effects of trade between these nations? O A. Japan will lose jobs in the television industry O B. Both countries are likely to be better off, and world production will increase. O C. There will be...
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