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Gary and Diane must prepare presentation for their marketing class. As part of their presentation, they must do series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do the required calculation and 10 hours to prepare the slides, at an opportunity cost of $5 per hour. It would take Diane 12 hours to do the calculations and 20 hours to prepare the slides, at an opportunity cost of $5 per hour. How should they divide up the work to achieve the lowest possible opportunity cost? Explain how this relates to comparative advantage.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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