If a consultant earns P500 an hour from his consulting jobs but can also type better and faster than his secretary who gets P50 per hour, does it pay for the consultant to fire his secretary and do his own typing? (Justify your answer by relating this to the law of comparative advantage.)
If a consultant earns P500 an hour from his consulting jobs but can also type better and faster than his secretary who gets P50 per hour, does it pay for the consultant to fire his secretary and do his own typing? (Justify your answer by relating this to the law of comparative advantage.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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If a consultant earns P500 an hour from his consulting jobs but can also type better and faster than his secretary who gets P50 per hour, does it pay for the consultant to fire his secretary and do his own typing? (Justify your answer by relating this to the law of
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