Essay
Gary and Diane must prepare a presentation for their marketing class.As part of their presentation,they must do a series of calculations and prepare 50 PowerPoint slides.It would take Gary 10 hours to do the required calculations and 10 hours to prepare the slides.It would take Diane 12 hours to do the calculations and 20 hours to prepare the slides.
a.How much time would it take the two to complete the project if they divide the calculations equally and the slides equally
b.How much time would it take the two to complete the project if they use comparative advantage and specialize in calculating or preparing slides
c.If Diane and Gary have the same opportunity cost of $5 per hour,is there a better solution than for each to specialize in calculating or preparing slides
Correct Answer:

Verified
a.If both tasks are divided equally,it w...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q39: Trade is based on absolute advantage.
Q49: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt=" -Refer to Table
Q80: What economic concept is the most relevant
Q89: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt=" -Refer to Table
Q95: Figure 3-4 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt="Figure 3-4
Q123: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt=" -Refer to Table
Q133: Table 3-4<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1272/.jpg" alt="Table 3-4
Q140: Table 3-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1272/.jpg" alt="Table 3-1
Q147: As long as two people have different
Q188: Figure 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt="Figure 3-2