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There are two survivors of a plane crash, Jack and Sawyer, who live on a deserted island. In order to survive, they need to obtain food on the island, which comes in the form of fish or bears. The amount of food they can obtain each week is presented in the table below. Comparative Advantage Jack Sawyer Fish 16 8 Bears 4 3 Instructions: Round your answers to two decimal places. a. Use the information above to compute Jack's opportunity cost of each good. For Jack, the opportunity cost of catching 1 fish is For Jack, the opportunity cost of hunting 1 bear is bear(s). fish. b. Use the information above to compute Sawyer's opportunity cost of each good. For Sawyer, the opportunity cost of catching 1 fish is For Sawyer, the opportunity cost of hunting 1 bear is bear(s). fish. c. Who has the comparative advantage in each good? (Click to select) (Click to select) has the comparative advantage in catching fish since (Click to select) has the comparative advantage in hunting bears since (Click to select)

There are two survivors of a plane crash, Jack and Sawyer, who live on a deserted island. In order to survive, they need to obtain food on the island, which comes in the form of fish or bears. The amount of food they can obtain each week is presented in the table below. Comparative Advantage Jack Sawyer Fish 16 8 Bears 4 3 Instructions: Round your answers to two decimal places. a. Use the information above to compute Jack's opportunity cost of each good. For Jack, the opportunity cost of catching 1 fish is For Jack, the opportunity cost of hunting 1 bear is bear(s). fish. b. Use the information above to compute Sawyer's opportunity cost of each good. For Sawyer, the opportunity cost of catching 1 fish is For Sawyer, the opportunity cost of hunting 1 bear is bear(s). fish. c. Who has the comparative advantage in each good? (Click to select) (Click to select) has the comparative advantage in catching fish since (Click to select) has the comparative advantage in hunting bears since (Click to select)

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains From Trade
Section3.2: Comparative Advantage: The Driving Force Of Specilization
Problem 2QQ
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There are two survivors of a plane crash, Jack and Sawyer, who live on a deserted island. In order to survive, they need to obtain food on the island, which comes in the form of fish or bears. The amount of food they can obtain each week is presented in the table below. Comparative Advantage Jack Sawyer Fish 16 8 Bears 4 3 Instructions: Round your answers to two decimal places. a. Use the information above to compute Jack's opportunity cost of each good. For Jack, the opportunity cost of catching 1 fish is For Jack, the opportunity cost of hunting 1 bear is bear(s). fish. b. Use the information above to compute Sawyer's opportunity cost of each good. For Sawyer, the opportunity cost of catching 1 fish is For Sawyer, the opportunity cost of hunting 1 bear is bear(s). fish. c. Who has the comparative advantage in each good? (Click to select) (Click to select) has the comparative advantage in catching fish since (Click to select) has the comparative advantage in hunting bears since (Click to select)
Transcribed Image Text:There are two survivors of a plane crash, Jack and Sawyer, who live on a deserted island. In order to survive, they need to obtain food on the island, which comes in the form of fish or bears. The amount of food they can obtain each week is presented in the table below. Comparative Advantage Jack Sawyer Fish 16 8 Bears 4 3 Instructions: Round your answers to two decimal places. a. Use the information above to compute Jack's opportunity cost of each good. For Jack, the opportunity cost of catching 1 fish is For Jack, the opportunity cost of hunting 1 bear is bear(s). fish. b. Use the information above to compute Sawyer's opportunity cost of each good. For Sawyer, the opportunity cost of catching 1 fish is For Sawyer, the opportunity cost of hunting 1 bear is bear(s). fish. c. Who has the comparative advantage in each good? (Click to select) (Click to select) has the comparative advantage in catching fish since (Click to select) has the comparative advantage in hunting bears since (Click to select)
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