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Homework 1 KEY - Econ 201 Homework 1 KEY(due Wednesday...

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Econ 201 – Homework 1 KEY (due Wednesday, January 27 th ) 1. Which do you think is higher: the opportunity cost of going to Darden Business School for an MBA when you are 28 or the opportunity cost of going to James Madison University for an undergraduate education when you are 19? Discuss briefly but justify your answer. Depending on your justification, there are multiple answers to this question. One example is to say that the opportunity cost of going to Darden Business School when you are 28 is higher because you are probably giving up a higher salary to go there (you already have an undergraduate education and you are older) and Darden Business School (even for 2 years) typically costs more than JMU undergraduate costs so the monetary costs and what else you could get if you spent that money elsewhere is higher for business school. 2. The table below contains information on the number of units of apples and berries that both Jack and Jill can pick per hour. Use this information to answer the following questions. a) Who has an absolute advantage in the picking of apples? Who has an absolute advantage in the picking of berries? Jack has an absolute advantage in picking apples because he can pick more with the same resources (one person, one hour). Jack also has an absolute advantage in picking berries.
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