Solution-Comparative advantage on producing that good

Comparative advantage on producing that good

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Reference no: EM131449445

Kate and Jim can each use their time to fish or gather coconuts. The table below gives the times it requires Jim to perform both tasks (read the entries carefully):

Jim		Kate
Time required to gather one coconut	Time required to catch one fish	Time required to gather one coconut	Time required to catch one fish
1 hour per coconut	2 hours per fish

I want you to come up with two required times for Kate which would give Kate the absolute advantage in catching fish, but which would also give Jim the comparative advantage in catching fish. The purpose of including this question is to prove to you that a person can have an absolute advantage in producing some good without necessarily having a comparative advantage on producing that good.

Reference no: EM131449445

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Comparative advantage on producing that good

Reference no: EM131449445

Reference no: EM131449445

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