Solution-Draw the production possibility curve

Draw the production possibility curve

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Reference no: EM131368225

Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts.

a) Draw the production possibility curve

b) Who enjoys the absolute advantage of producing both?

c) Who has a higher opportunity cost of making T-shirts?

d) Who has a comparative advantage in producing hamburgers?

Reference no: EM131368225

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Draw the production possibility curve

Reference no: EM131368225

Reference no: EM131368225

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