Homework203__2

Homework203__2 - Economics 203 Homework#2 Due Thursday...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 203 Course ID______________ Homework #2 Section #_______________ Due: Thursday, February 3 rd (in class!) 1. Explain the concept of diminishing marginal product . Describe a situation where you’ve experienced this in your own life. 2. Two S.U. students, Jim and Janis, are starting up a t-shirt business and must decide how to divide the tasks involved. There are two tasks: tie-dyeing the t-shirts and selling the t-shirts to other students. Jim and Janis each have only 10 hours per week to dedicate to their business. The following table shows how many t-shirts Jim and Janis can tie-dye or sell in 10 hours. Number of T-Shirts Jim and Janis Can Tie-Dye OR Sell in 10 Hours (Number If Split 10 Hours Evenly Between Both Tasks). Number of T-Shirts Dyed Number of T-Shirts Sold Jim 10/ 10 Hours (5/ 5 Hours) 5/ 10 Hours (2.5/ 5 Hours) Janis 20/ 10 Hours (10/ 5 Hours) 20/ 10 Hours (10/ 5 Hours) a. Who has an absolute advantage in tie-dyeing t-shirts? Who has an absolute advantage in selling t-shirts? Explain.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/17/2011 for the course ECN 203 taught by Professor Evensky during the Spring '07 term at Syracuse.

Page1 / 3

Homework203__2 - Economics 203 Homework#2 Due Thursday...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online