Solution-Opportunity costs of activities for woodstock and

Opportunity costs of activities for woodstock and snoopy

Assignment Help Business Economics

Reference no: EM133131171

Snoopy and Woodstock both need to have some letters typed and some carpets vacuumed. The following table describes how much each of them can accomplish in one hour if that hour is spent either typing or vacuuming:

	Letters Typed in 1 Hour:	Rooms vacuumed in 1 Hour:
Woodstock:	3 letters	2 rooms
Snoopy:	4 letters	6 rooms

1. Calculate the opportunity costs of both activities for both Woodstock and Snoopy in terms of what they give up for a unit of each task (i.e., calculate how many rooms each of them would give up by using their time to type a letter rather than use that time vacuuming and vice versa).

2. Explain how and why comparative advantage means for both Snoopy and Woodstock could be made better off by trading tasks, even though Snoopy is clearly better at both tasks in the sense that it takes him less time than it takes Woodstock to perform either task.

Reference no: EM133131171

Questions Cloud

What the amount B received from the liquidation : The other assets realized $12,000 and the liabilities were paid. What the amount B received from the liquidation of the partnership

Amount of snowfall and rainfall in inches : Brittany wants to measure the amount of snowfall every year. She develops an instrument that reads "the amount of snowfall and rainfall in inches."

What is the amount of prepaid insurance to be reflected : The company paid P12,000 for the said annual insurance. ABC uses asset method. What is the amount of Prepaid Insurance to be reflected

Identify how you uphold the ACPO good practice : Identify how you uphold the ACPO good practice guide principles - Justify why you believe this acquisition technique is the most appropriate

Opportunity costs of activities for woodstock and snoopy : Snoopy and Woodstock both need to have some letters typed and some carpets vacuumed. The following table describes how much each of them can accomplish in one h

Determine the cash payment that patrick receives : If a portion of the noncash assets with a carrying amount of $140,000 realizes $120,000, determine the cash payment that Patrick receives

Economic position of women in the us : The right to not have a child. Using what you have learned in the first four weeks of the course, on justice, freedom, individual rights, liberty, economic just

Determine the profit-maximising price : You are supplied with the following information for a Montreal based firm. Based on this answer the following questions:

What amount should be shown as operating profit : In reporting segment information, what amount should be shown as operating profit of Division 1 for the current year

User Account

All Pages

Opportunity costs of activities for woodstock and snoopy

Reference no: EM133131171

Reference no: EM133131171

Questions Cloud

Reviews

Write a Review

Business Economics Questions & Answers

Economics assignment

Demand and supply curves

Long-run perfectly competitive equilibrium for the firm

Supply and demand diagrams

Case study: fisher-price toys

Draw the production possibility curve

Tax revenue

Maximize total welfare

Difference between the cv and the ev

Depict von neumann-morgenstern utility index u in a diagram

What is the market solution

Calculate gross national product and net national product

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT