6 Mary and Peter write books and draw paintings. The production information can be summarized inthe following table. Assume that the opportunity costs are constant.Use the given information to answer questions 6-11.Annual productionMaryPeterQuestion 6Question 7Write books only105Who has the absolute advantage in writing books? Select]Draw paintings only3020Question 8What is the opportunity cost for Mary to write 1 book?Answer: The opportunity cost for Mary to write 1 book.What is the opportunity cost for Peter to draw 8 paintings?Answer: The opportunity cost for Peter to draw 8 paintings -paintings.books. UQuestion 9Suppose Mary and Peter do not trade. If Mary chooses to draw 9 paintings, how many books canMary also write at most?Question 10Who has the comparative advantage in writing books? [Select]Question 11Suppose Mary and Peter specialize and trade based on their comparative advantages.(a) If the price of a book is 5 paintings, will Mary accept the price to trade with Peter?[ Select](b) If the price of a book is 2 paintings, will Peter accept the price to trade with Mary?[Select]DSelect]YesNo

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D the following table. Assume that the opportunity costs are constant. Use the given information to answer questions 6-11. Mary Peter Question 6 Annual production Question 7 Write books only 10 5 Draw paintings only 30 20 Who has the absolute advantage in writing books? Select] What is the opportunity cost for Mary to write 1 book? Answer: The opportunity cost for Mary to write 1 book paintings.

D the following table. Assume that the opportunity costs are constant. Use the given information to answer questions 6-11. Mary Peter Question 6 Annual production Question 7 Write books only 10 5 Draw paintings only 30 20 Who has the absolute advantage in writing books? Select] What is the opportunity cost for Mary to write 1 book? Answer: The opportunity cost for Mary to write 1 book paintings.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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