Homework Help is Here – Start Your Trial Now!
Business
Economics
Randy and Frank are both landscapers. Randy can mow 12 lawns per day or prune 15 trees. Frank can mow 16 lawns per day or prune 24 trees. Randy and Frank each work 240 days per year. a. Determine who has the absolute advantage at each task, what their respective opportunity costs are for mowing a lawn, and who has comparative advantage in each task. (Click to select) has an absolute advantage in mowing lawns. has an absolute advantage in pruning trees. (Click to select) The opportunity cost of mowing a lawn for Randy is The opportunity cost of mowing a lawn for Frank is (Click to select) has a comparative advantage in mowing lawns. (Click to select) has a comparative advantage in pruning trees. b. Assuming that only one of the tasks is performed, then together Randy and Frank can service a maximum of lawns or trees each year. trees. trees. c. If each landscaper fully specializes according to his comparative advantage, then the maximum number of lawns that can be mowed annually is and the maximum number of trees that can be pruned is per year.

Randy and Frank are both landscapers. Randy can mow 12 lawns per day or prune 15 trees. Frank can mow 16 lawns per day or prune 24 trees. Randy and Frank each work 240 days per year. a. Determine who has the absolute advantage at each task, what their respective opportunity costs are for mowing a lawn, and who has comparative advantage in each task. (Click to select) has an absolute advantage in mowing lawns. has an absolute advantage in pruning trees. (Click to select) The opportunity cost of mowing a lawn for Randy is The opportunity cost of mowing a lawn for Frank is (Click to select) has a comparative advantage in mowing lawns. (Click to select) has a comparative advantage in pruning trees. b. Assuming that only one of the tasks is performed, then together Randy and Frank can service a maximum of lawns or trees each year. trees. trees. c. If each landscaper fully specializes according to his comparative advantage, then the maximum number of lawns that can be mowed annually is and the maximum number of trees that can be pruned is per year.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter33: International Trade
Section: Chapter Questions
Problem 30P: In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10...
See similar textbooks
icon
Related questions
Question
Randy and Frank are both landscapers. Randy can mow 12 lawns per day or prune 15 trees. Frank can mow 16 lawns per day or prune 24 trees. Randy and Frank each work 240 days per year. a. Determine who has the absolute advantage at each task, what their respective opportunity costs are for mowing a lawn, and who has comparative advantage in each task. (Click to select) (Click to select) The opportunity cost of mowing a lawn for Randy is The opportunity cost of mowing a lawn for Frank is (Click to select) ✓has a comparative advantage in mowing lawns. (Click to select) has a comparative advantage in pruning trees. b. Assuming that only one of the tasks is performed, then together Randy and Frank can service a maximum of lawns or trees each year. ✓has an absolute advantage in mowing lawns. ✓has an absolute advantage in pruning trees. trees. trees. c. If each landscaper fully specializes according to his comparative advantage, then the maximum number of lawns that can be mowed annually is and the maximum number of trees that can be pruned is per year.
Transcribed Image Text:Randy and Frank are both landscapers. Randy can mow 12 lawns per day or prune 15 trees. Frank can mow 16 lawns per day or prune 24 trees. Randy and Frank each work 240 days per year. a. Determine who has the absolute advantage at each task, what their respective opportunity costs are for mowing a lawn, and who has comparative advantage in each task. (Click to select) (Click to select) The opportunity cost of mowing a lawn for Randy is The opportunity cost of mowing a lawn for Frank is (Click to select) ✓has a comparative advantage in mowing lawns. (Click to select) has a comparative advantage in pruning trees. b. Assuming that only one of the tasks is performed, then together Randy and Frank can service a maximum of lawns or trees each year. ✓has an absolute advantage in mowing lawns. ✓has an absolute advantage in pruning trees. trees. trees. c. If each landscaper fully specializes according to his comparative advantage, then the maximum number of lawns that can be mowed annually is and the maximum number of trees that can be pruned is per year.
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Comparative Advantage
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS