What is each man opportunity cost of waxing one car

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Assignment - Market Application

1. Given Ted can wax 4 cars per day or wash 2 cars per day and Tom can wax 3 cars per day or wash 1 car per day. 

What is each man's opportunity cost of waxing ONE car? 

Who has an absolute advantage of waxing cars? 

Who has a comparative advantage of waxing cars?

2. Explain - using the key concepts discussed in the lectures - why it costs $1,500 and 6 months to make a sandwich from scratch article - Making a Sandwich From Scratch Took This Man Six Months by Maris Fessenden.

Why is this approach to production not a good use of resources?

Reference no: EM133253508

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