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What is each brother production after trade

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Question: Suppose that two brothers, Little Joe and Hoss, have two responsibilities on the Ponderosa Ranch: mending fences and baling hay. Their hourly production of mended fences and bales of hay is: Joe Hoss Fences 2 0.5 Bales 1 1 Their father, Ben Cartwright, prefers that the number of mended fences and bales of hay be the same for any given 9-hour day. But, he rewards them based on the number of fences/bales each produces. Show an example of how Little Joe and Hoss can trade activities in order to make both better off by answering the following questions. (a) If the two brothers do not cooperate, what does each produce? (self-sufficiency) (b) Who should specialize in which activity, and why? What is the production with specialization? (c) What is each brother's production after trade? (hint: there are multiple possible solutions) (d) What are the "prices" or "terms of trade?"

Reference no: EM133550756

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