Jenny and Mark are partners and the only employees in a law firm. Their firm specialises in preparing (writing and typing) legal briefs. Each person works 36 hours per week at the firm. • Mark is the best lawyer in town, and also the best typist. He can write a brief in 6 hours, and type it up in 1 hour. • Jenny is also pretty good at both tasks. She can write a brief in 12 hours, and type it up in 1.5 hours. a. Who has an absolute advantage in writing briefs? → b. Who has an absolute advantage in typing briefs? C. Who has a comparative advantage in writing briefs? d. Who has a comparative advantage in typing briefs? ◆ A complete brief is one that is written and typed. The firm wants to produce complete briefs. e. If each person only does the task in which she/he has comparative advantage, then the firm can produce complete briefs. f. In this case, will have time left over. 9. → The maximum number of complete briefs the firm can produce is ◆ ◆

Jenny and Mark are partners and the only employees in a law firm. Their firm specialises in preparing (writing and typing) legal briefs. Each person works 36 hours per week at the firm. • Mark is the best lawyer in town, and also the best typist. He can write a brief in 6 hours, and type it up in 1 hour. • Jenny is also pretty good at both tasks. She can write a brief in 12 hours, and type it up in 1.5 hours. a. Who has an absolute advantage in writing briefs? → b. Who has an absolute advantage in typing briefs? C. Who has a comparative advantage in writing briefs? d. Who has a comparative advantage in typing briefs? ◆ A complete brief is one that is written and typed. The firm wants to produce complete briefs. e. If each person only does the task in which she/he has comparative advantage, then the firm can produce complete briefs. f. In this case, will have time left over. 9. → The maximum number of complete briefs the firm can produce is ◆ ◆

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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