Level 2: Opportunity Cost, Comparative Advantage, and Specialization You have decided to specialize in gathering firewood while Friday has specialized in fishing. Your time allocation sliders are set to allocate all of your time to gathering firewood. Now, use the additional sliders to state how many logs you will trade to Friday and how many fish you want in return. You must select a trade that make both
Level 2: Opportunity Cost, Comparative Advantage, and Specialization You have decided to specialize in gathering firewood while Friday has specialized in fishing. Your time allocation sliders are set to allocate all of your time to gathering firewood. Now, use the additional sliders to state how many logs you will trade to Friday and how many fish you want in return. You must select a trade that make both
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Level 2: Opportunity Cost , Comparative Advantage , and Specialization
You have decided to specialize in gathering firewood while Friday has specialized in fishing. Your time allocation sliders are set to allocate all of your time to gathering firewood. Now, use the additional sliders to state how many logs you will trade to Friday and how many fish you want in return. You must select a trade that make both you and Friday better off than you were before specialization and trading. In other words, you must both receive more than 2000 calories of fish and 32 logs of firewood. Both you and Friday’s consumption point is displayed on the
There is a bar for me to slide over for fish and firewood for the number of hours (12 ohours total to be be used between both)
Transcribed Image Text:Terms of Trade
What are the rules of trading?
1 Wood (logs) for: 150 fish (cals)
0
Trade
How much do we trade?
Give wood (logs): 5
0
Receive fish (cals): 750
200
50
Consumption
Collect Wood: 91 logs
0
Collect Fish: 750 cals
0
Start
96
6000
Transcribed Image Text:Fish (cals)
5000
4000
3000
2000
1000
0
0
10
20
30
Your PPF
40
50 60 70 80
Firewood (logs)
Your PPF
90
100 110 1...
Fish (cals)
8000
7000
6000
5000
4000
3000
2000
1000
0
0
10 20
30
Friday PPF
40 50 60 70
Firewood (logs)
◆ Friday's PPF
80
90
100 110 1...
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