What is the opportunity cost for fish for both pat and mike

Assignment Help Econometrics

Reference no: EM131279115

According to the table, Pat can collect 40 coconuts per day to Mike's 20, and Pat can catch 35 fish per day to Mike's 28. Using the principles of comparative advantage, answer the following questions:

What is the opportunity cost for fish for both Pat and Mike?

What is the opportunity cost for coconuts for both Pat and Mike?

Comparing these opportunity costs, who should specialize in catching fish, and who should specialize in collecting coconuts?

What is the increase in consumption for both Pat and Mike if they specialize in the correct product?

Reference no: EM131279115

Questions Cloud

Calculate the total current flowing through the device : Repeat (a) for T = 400 K assuming for simplicity that mobility does not change with temperature. (This is not a good assumption.)

Brief description of the policy issue you selected : Select a current policy issue (other than the one in the media piece) that poses a challenge to governance and/or public policy. Think about how democracy poses a challenge to resolving the policy issue by means of governance and/or public policy. Re..

Calculate velocity of electrons and holes in this material : What doping level is necessary to provide a current density of 1 mA/μm2 under these conditions? Assume the hole current is negligible.

Explain one serious ethical problem likely to be faced : Provide a summary of 3-5 of the most important principles in your professional code. Note that the summary should not be a restatement of the principles-you should summarize and explain the principles. List here if including workplace code.

What is the opportunity cost for fish for both pat and mike : Comparing these opportunity costs, who should specialize in catching fish, and who should specialize in collecting coconuts?

How they received mentoring as well as how effective : Through a survey of 208 members of Women in Federal Law Enforcement, the author compiled data by sorting how a woman's presentation of masculinity or feminity as well as their sexual orientation influenced how they received mentoring as well as ho..

Explain how the trilemma would apply to china today : Explain the arguments for and against each of the three possible choices in the trilemma described by Krugman.

How would you assist her to better health : Access to care has been identified as one of the main roadblocks to receiving health care.

How would you staff the clinic : How could you involve evidence-based research in policy development for healthcare funding? Identify at least one strategy and support your rationale.

User Account

All Pages