1. Is this an output problem or an input problem?

2. What is Isaac’s opportunity cost of producing 1 basket?

3. What is Sarah’s opportunity cost of producing 1 ring?

4. What is Isaac’s opportunity cost of producing 1 ring?

5. What is Sarah’s opportunity cost of producing 1 basket?

6. Who has the absolute advantage in producing baskets?

7. Who has the absolute advantage in producing rings?

8. Who has the comparative advantage in producing baskets?

9. Who has the comparative advantage in producing rings?

10. What would acceptable terms of trade be between Isaac and Sarah?

Question

08-09-2023
Business

College

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1. Is this an output problem or an input problem?

2. What is Isaac’s opportunity cost of producing 1 basket?

3. What is Sarah’s opportunity cost of producing 1 ring?

4. What is Isaac’s opportunity cost of producing 1 ring?

5. What is Sarah’s opportunity cost of producing 1 basket?

6. Who has the absolute advantage in producing baskets?

7. Who has the absolute advantage in producing rings?

8. Who has the comparative advantage in producing baskets?

9. Who has the comparative advantage in producing rings?

10. What would acceptable terms of trade be between Isaac and Sarah?

Answer :

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MimanshaB MimanshaB · Answer 1 · 2023-09-25T06:15:37-04:00

Final answer:

The questions relate to microeconomic principles like opportunity cost, absolute and comparative advantage. To answer these specifically, we need more data about Isaac and Sarah's productivity. Nonetheless, the general principles can still be explained.

Explanation:

The questions asked are pertaining to microeconomic concepts of opportunity cost, absolute advantage, and comparative advantage. Unfortunately, without details about Isaac and Sarah's productivity, I can't provide specific calculations for opportunity costs or identify who has absolute or comparative advantages.

However, for example, if Isaac has to give up producing 2 rings to make 1 basket, the opportunity cost of producing 1 basket for Isaac is 2 rings. If Sarah can produce more rings than Isaac in a given time, she has absolute advantage in producing rings. If Sarah gives up less in terms of other goods to produce rings than Isaac does, she has a comparative advantage.

As for acceptable terms of trade, they would have to be mutually beneficial and preferable to the opportunity cost of production for each individual.

Learn more about Microeconomics here:

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