Potatoes Chickens

| October 14, 2019

Potatoes Chickens Michelle 200 50 James 80 40 What is Michelle’s opportunity cost of producing potatoes? What is Michelle’s opportunity cost of producing chickens? What is James’ opportunity cost of producing potatoes? What is James’ opportunity cost of producing chickens? Which person has an absolute advantage in which activities? Which person has comparative advantage in potatoes? Which person has comparative advantage in chicken? Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off? Explain. How would you extend the above narrative to businesses, society as a whole or nations? Explain.

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