Specializing completely in the area

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Reference no: EM1311878

Q. Illustrate what is Michelle's opportunity cost of producing potatoes?

Illustrate what is Michelle's opportunity cost of producing chickens?

Illustrate what is James' opportunity cost of producing potatoes?

Illustrate 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 every specializing completely in the area in which they have a comparative advantage also then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they every be better off? Elucidate.

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

Reference no: EM1311878

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