Reference no: EM13757816
a) Graph the PPF's for both Robinson and Friday on the same graph. Put cloth on the horizontal axis and bread on the vertical axis.
b) Who has the absolute advantage at cloth production? Explain.
c) Who has the absolute advantage at bread production? Explain. dl Whom has the comnarative advantage at cloth production? Explain.
f) Does either have comparative advantage at both goods?
g) If Robinson originally has bundle d and Friday bundle B before trading, what are the total quantities of each good produced? Graphically depict the point showing total combined output before specialization on your graph in part a. Label this point "g."
h) If Robinson and Friday specialize, each will produce only the good for which they have the comparative advantage. If they do specialize, how much of each product will be produced in total? Graphically depict the point showing total output after specialization on you graph in part a. Label this point "h."
i) When Robinson and Friday specialize they must trade to experience the benefit of their specialization and to be able to consume both goods. Compare your answers in parts g) and h) to determine what the overall gains are from specializing and trading.
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