Determine which good each party should specialize

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George and Bill are stuck together on a desert island. There are two goods, Coconut (C) and Bananas (B). George has production function 5C+B=40, while Bill has production function C+3B=36. If they could not trade, George would choose to product 6C, while Bill would produce 8B. 1: Figure out George's opportunity cost;2: Figure out Bill's opportunity cost;3: Figure out each party’s comparative advantage;4: Determine which good each party should specialize in, and determine production.

Reference no: EM13805009

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