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Pranshu Pranshu
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Posts: 63
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2 years ago
a) i) State whether the following statement is True, False, or uncertain:
Given the information in the table, an efficient division of labour would have Peter and Mary alternate (take turns) cooking dinner and washing up.
ii) Explain your answer to i).
iii) Draw a production possibility frontier (ppf) for 2 hours for Peter and Mary, where they specialize in the activity in which each has a comparative advantage.
iv) Draw a production possibility frontier (ppf) for 2 hours for Peter and Mary, where they specialize in the activity in which each has a comparative DISadvantage.
v) Compare the two ppfs and discuss how the choice of specialization affects the amounts they can consume.
b) Explain how the assumption of constant marginal product of labour affects the answer to a).
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Woo
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2 years ago

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