B1 and B2 are both members of the pit crew for a famous team in Formula One autoracing. B1 takes 4 seconds to refuel the car and 2 seconds to replace a tire. B2 takes 6 seconds to refuel the car and 2 seconds to replace a tire. a) Create an opportunity costs table. (Remember: 1 output/resource to get the OC). Do not make a big table. b) Can B1 and B2 benefit for specialization and trade? Explain the basis of specialization and trade. Maximum of 2 sentences. c) Who has an absolute advantage in the refuelling the car and replacing a tire? Based from the given, explain briefly.

B1 and B2 are both members of the pit crew for a famous team in Formula One autoracing. B1 takes 4 seconds to refuel the car and 2 seconds to replace a tire. B2 takes 6 seconds to refuel the car and 2 seconds to replace a tire. a) Create an opportunity costs table. (Remember: 1 output/resource to get the OC). Do not make a big table. b) Can B1 and B2 benefit for specialization and trade? Explain the basis of specialization and trade. Maximum of 2 sentences. c) Who has an absolute advantage in the refuelling the car and replacing a tire? Based from the given, explain briefly.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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