Suppose Sansa and Arya divide their time between making daggers and shields. It takes Sansa 6 hours to make a dagger and 3 hoursto make a shield, and it takes Arya 3 hours to make a dagger and 1 hour to make a shield. Sansa and Arya each work 30 hours a week.a. What is the maximum number of daggers each can make in a week?daggers per weekArya:daggers per weekb. What is the opportunity cost to each of making a dagger?Sansa's opportunity cost of making a dagger:Arya's opportunity cost of making a dagger:c. Who has the comparative advantage in making daggers?Sansa:NeitherSansaO AryashieldsAryaNeitherSansashieldsd. Who has the absolute advantage in making daggers?

The opportunity cost is the next best alternative cost. According to an individual perspective, if…

Suppose Sansa and Arya divide their time between making daggers and shields. It takes Sansa 6 hours to make a dagger and 3 hours to make a shield, and it takes Arya 3 hours to make a dagger and 1 hour to make a shield. Sansa and Arya each work 30 hours a week. a. What is the maximum number of daggers each can make in a week? Sansa: daggers per week Arya: daggers per week b. What is the opportunity cost to each of making a dagger? Sansa's opportunity cost of making a dagger: Arya's opportunity cost of making a dagger: [ c. Who has the comparative advantage in making daggers? O Neither O Sansa O Arya shields O Arya O Neither O Sansa shields d. Who has the absolute advantage in making daggers?

Suppose Sansa and Arya divide their time between making daggers and shields. It takes Sansa 6 hours to make a dagger and 3 hours to make a shield, and it takes Arya 3 hours to make a dagger and 1 hour to make a shield. Sansa and Arya each work 30 hours a week. a. What is the maximum number of daggers each can make in a week? Sansa: daggers per week Arya: daggers per week b. What is the opportunity cost to each of making a dagger? Sansa's opportunity cost of making a dagger: Arya's opportunity cost of making a dagger: [ c. Who has the comparative advantage in making daggers? O Neither O Sansa O Arya shields O Arya O Neither O Sansa shields d. Who has the absolute advantage in making daggers?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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