Discussion on absolute advantage also comparative advantage
1. Elucidate how absolute advantage also comparative advantage differ?
2. Kyle can read 20 pages of economics in an hour. He can also read 50 pages of history in an hour. He spends 5 hours per day studying.
1. Draw Kyle's production possibilities frontier for reading economics also history.
2. Illustrate what is Kyle's opportunity cost of reading 100 pages of history?