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Production matrix as in the immediately preceding problem

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Reference no: EM132482311

Choose the best multiple choice answer:

Production Matrix:

M N

A 5 hrs. 7 hrs.

B 10 hrs. 8 hrs.

With the above production matrix as in the immediately preceding problem, individuals A and B have a choice whether or not to participate in a social division of labor in which each individual, based on comparative advantage, produces one of the two goods over a time period of 120 hours. If they choose not to participate in the social division of labor, each individual will devote 60 hours to the production of good M and 60 hours to the production of good N in isolation. Individuals A and B decide to participate in a social division of labor based on comparative advantage because: 

a.) (24M + 15N) > (12M + 17.14N).

b.) (12M + 17.14N) > (18M + 16.07N).

c.) (24M + 15N) > (18M + 16.07N).

d.) all of the above are correct inequalities

Reference no: EM132482311

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