26 Jul WHO HAS THE ABSOLUTE ADVANTAGE IN WHICH GOOD?
Leo and Rob have to write poems and knit quilts as part of a contest to win tickets to New York. The Show more Leo and Rob have to write poems and knit quilts as part of a contest to win tickets to New York. The contest stipulates that the two people who have the most poems and quilts by the end of the day will each win a trip to New York. Leo and Rob think that they can probably have the best shot at winning if they specialize and then trade one good for another. They know that Leo can write 11 poems in 20 minutes and knit 2 quilts in 100 minutes. Rob can write 5 poems in 10 minutes and knit 3 quilts in 160 minutes. Please answer the following questions using this information: 1. Who has the absolute advantage in which good? Illustrate your answer by showing both Leos production possibilities frontier and Robs production possibilities frontier. 2. Who has the comparative advantage in which task? Who should specialize in what task? (hint: use comparative advantage in your answer). 3. What would the price of 1 quilt be in terms of poems Show less
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