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Question: Kim can produce 40 pies or 400 cakes an hour. Liam can produce 100 pies or 200 cakes an hour.
a. Calculate Kim's opportunity cost of a pie and Liam's opportunity cost of a pie.
b. If each spends 30 minutes of each hour producing pies and 30 minutes producing cakes, how many pies and cakes does each produce?
c. Who has a comparative advantage in producing (i) pies and (ii) cakes?
1. a perfectly competitive industry has demand curve p 100 - .5q where q is total output produced. all firms in
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