They spend their time performing two favorite activities

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Reference no: EM1322991

Q. 1) Martha also Stewart are married. They spend their time performing two favorite activities. Knitting scarves and making meatballs. Martha takes 2h to knit a scarf also 1h to create a dozen meatballs. Stewart takes 3h to knit a scarf also 2h to create a dozen meatballs.

a) Illustrate what is every indiv.'s opp. cost of knitting a scarf?

b) Who has the absolute advantage?

c) Who has the comparative advantage in knitting scarves also meatballs?

Q. Who are the beneficiaries from large US tariff on French also German wine? Who are the losers?

Reference no: EM1322991

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