Illustrate what are the opportunity costs of production

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Reference no: EM1354189

Leah can produce either 300 units of X or 10 units of Y. Tim can produce either 200 units of X or 2 units of Y.

(a) Illustrate what are the opportunity costs of producing X and Y for Leah and Tim; and

(b) If specialization is possible, which good should Leah specialize in? and How about Tim?

Reference no: EM1354189

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