Project #80462 - two page paper

Compose a two page paper.  Address the following subject matter in your paper.  Use information from the reading to gather your ideas.  It may help to explain if you use a table in your paper to demonstrate but this up to you. 

Important: This is one of the most important concepts in economics.  Understanding this concept is one of the keys to understanding and benefiting from this course.  Email me with questions.

Consider two individuals, Phil and Oprah, who produce toy trucks and flowers. Phil and Oprah's hourly productivity are as follows:

 

 

 

 

Flowers/hour

 

 

 

 

 

Toy Trucks/hour

 

 

Phil

 

 

10

 

 

OR

 

 

5

 

 

Oprah

 

 

24

 

 

6

 

a.     What is Phil’s opportunity cost of producing a truck?  What is Oprah’s  

b.     Who has the absolute advantage in flower production?  In truck production? Explain?

c.     Who has the comparative advantage in flower production?  In truck production? Explain.

d.     Can it benefit one or the other or both people to specialize and engage in trade?  Who? How? Use a table like the one above to illustrate if it will help and please be specific.

Homework papers should have the following characteristics:

a) Should be typed in Word or a Word compatible format. Double spaced, 12 pt. size, Arial or Times New Roman (or comparable) font.   Please do not use artistic fonts such as Gothic or Snap, the are hard to read. 

b) Two pages is required, if you go a bit over that is okay but please do not try to substitute volume for content.  In other words a longer paper does not necessarily boost the grade.

Subject Business
Due By (Pacific Time) 08/30/2015 05:00 pm
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