Homework on Chapter 2

Homework on Chapter 2 - Homework on Chapter 2 Due in class...

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Unformatted text preview: Homework on Chapter 2 Due in class on Thursday 4/8/04 L o r ie M ik e M a k in g P iz z a /h o u r 12 10 D e liv e r in g P iz z a /h o u r 6 15 1 According to data, Lorie has an absolute advantage in ____________________ 2 Lorie's opportunity cost of delivering an extra pizza is producing ______ pizzas. 3 Mike's opportunity cost of producing an extra pizza is delivering ______ pizzas. 4 Based on their comparative advantages, Mike should specialize in _______ while Lorie should specialize in _______ 55 50 45 N u m b e r s o f t e s ts c o p ie d 40 35 30 25 20 15 10 5 B a r b a r a 's P P C S h e r r y 's P P C 5 5 10 15 20 25 30 35 40 # le tte r s ty p e d 45 50 55 Barbara and Sherry comprise a two-person economy. Both of them work a 5-hour day. Barbara must spend _____typing letters for every hour she devotes to copying tests. 6 If Barbara and Sherry both specialized in producing the product for which they had a comparative advantage and at the end of the day exchange copied test and typed letters with one another, they can each have____________ ...
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