Explain how would you extend above narrative to business

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Reference no: EM1362927

What is Michelle's opportunity cost of producing potatoes?

What is Michelle's opportunity cost of producing chickens?

What is James' opportunity cost of producing potatoes?

What is James' opportunity cost of producing chickens?

Which person has an absolute advantage in which activities?

Which person has a comparative?

Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off? Explain.

Explain how would you extend the above narrative to businesses, society as a whole or nations.

Reference no: EM1362927

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