Assume that bob can either type 6 pages per hour or bake 2, Dissertation

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Assume that bob can either type 6 pages per hour or bake 2

Question: Assume that Bob can either type 6 pages per hour or bake 2 cakes. His wife Mary can type 12 pages per hour or bake 4 cakes.

a) What is comparative advantage? Explain.

b) Calculate the comparative advantage of each person in the above example.

c) In this example, do you think that complete specialization is possible? Explain.

d) Will there be any trade between Bob and Mary?

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Dissertation: Assume that bob can either type 6 pages per hour or bake 2

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