Solution: Assume that Bob can either type 12 pages per hour or bake 4 cakes per hour. His wife Mary can either type 36 pages per hour or bake 12 cakes

Question:

Assume that Bob can either type 12 pages per hour or bake 4 cakes per hour. His wife Mary can either type 36 pages per hour or bake 12 cakes per hour.

What is comparative advantage? Explain.
Identify the comparative advantage of each person.
In this example, do you think that there is a scope for specialization? Explain.
Will there be any trade between Bob and Mary? Explain.

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Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document

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Solution: Assume that Bob can either type 12 pages per hour or bake 4 cakes per hour. His wife Mary can either type 36 pages per hour or bake 12 cakes

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