MIKE & DEBBY Mike Debby Vacuum room 60 minutes 45 minutes Wash Dishes 30 minutes 45 minutes 1. What is Mike's opportunity cost of vacuuming in terms of washing dishes What is Mike's opportunity cost of washing dishes in terms of vacuuming? What is Debbie's opportunity cost of vacuuming in terms of washing dishes? What is Debbie's opportunity cost of washing dishes in terms of vacuuming? Who has the absolute advantage in vacuuming? Who has the absolute advantage in washing dishes? Who has the comparative advantage in vacuuming? Who has the comparative advantage in washing dishes? Who should do which chore and why? 2. 3. 4. 5. 6. 7. 8. 9.

MIKE & DEBBY Mike Debby Vacuum room 60 minutes 45 minutes Wash Dishes 30 minutes 45 minutes 1. What is Mike's opportunity cost of vacuuming in terms of washing dishes What is Mike's opportunity cost of washing dishes in terms of vacuuming? What is Debbie's opportunity cost of vacuuming in terms of washing dishes? What is Debbie's opportunity cost of washing dishes in terms of vacuuming? Who has the absolute advantage in vacuuming? Who has the absolute advantage in washing dishes? Who has the comparative advantage in vacuuming? Who has the comparative advantage in washing dishes? Who should do which chore and why? 2. 3. 4. 5. 6. 7. 8. 9.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Practice Pack

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7-9

MIKE & DEBBY
Mike
Debby
60 minutes
45 minutes
Vacuum room
30 minutes
45 minutes
Wash Dishes
1.
What is Mike's opportunity cost of vacuuming in terms of washing dishes
What is Mike's opportunity cost of washing dishes in terms of vacuuming?
What is Debbie's opportunity cost of vacuuming in terms of washing dishes?
What is Debbie's opportunity cost of washing dishes in terms of vacuuming?
Who has the absolute advantage in vacuuming?
Who has the absolute advantage in washing dishes?
Who has the comparative advantage in vacuuming?
Who has the comparative advantage in washing dishes?
Who should do which chore and why?
2.
3.
4.
5.
6.
7.
8.
9.

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