3. Opportunity Cost Becky and Eileen are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Becky takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza. Eileen takes 8 hours to brew a gallon of root beer and 4 hours to make a pizza. Becky's opportunity cost of brewing a gallon of root beer is has an absolute advantage in brewing root beer, and If Becky and Eileen trade foods with each other, and Eileen's opportunity cost of brewing a gallon of root beer is has a comparative advantage in brewing root beer. will trade pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is of root beer, and the lowest price that makes both roommates better off is of root beer per pizza.

3. Opportunity Cost Becky and Eileen are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Becky takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza. Eileen takes 8 hours to brew a gallon of root beer and 4 hours to make a pizza. Becky's opportunity cost of brewing a gallon of root beer is has an absolute advantage in brewing root beer, and If Becky and Eileen trade foods with each other, and Eileen's opportunity cost of brewing a gallon of root beer is has a comparative advantage in brewing root beer. will trade pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is of root beer, and the lowest price that makes both roommates better off is of root beer per pizza.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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