The Assignment questions deal with the application of the economic models and the roles of comparative advantage in the gains from trade
1. Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade between individuals or countries? Is it absolute advantage or comparative advantage? Why
2. Assume two students must prepare a presentation for their marketing class. As part of their class presentation, they must do a series of calculations and prepare 50 PowerPoint slides. It would take Larry 10 hours to do the required calculation and 10 hours to prepare the slides. It would take Kate 12 hours to do the series of the calculations and 20 hours to prepare the PPT slides.
A. How much time would it take the two students to complete the project if they divide the two tasks equally?
B. How much time would it take the two students to complete the project if they use comparative advantage and specialize in calculating or preparing slides?
C. If Larry and Kate have the same opportunity cost of $5 per hour, is there a better solution than for each to specialize in calculating or preparing slides?
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