Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny each can produce in 11 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places. Ice cream (cups) T-shirts (quantity) Paulie 4.00 16.001 Vinny 9.00 13.00 a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost: t‑shirts b. What is Vinny's opportunity cost of producing a t-shirt? Vinny's opportunity cost: cups of ice creamcups of ice cream c. Paulie has a comparative advantage in and Vinny has a comparative advantage in
Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny each can produce in 11 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places. Ice cream (cups) T-shirts (quantity) Paulie 4.00 16.001 Vinny 9.00 13.00 a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost: t‑shirts b. What is Vinny's opportunity cost of producing a t-shirt? Vinny's opportunity cost: cups of ice creamcups of ice cream c. Paulie has a comparative advantage in and Vinny has a comparative advantage in
Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
Problem 1SQP
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Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny each can produce in 11 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places.
| Ice cream (cups) | T-shirts (quantity) | |
|---|---|---|
| Paulie | 4.00 | 16.001 |
| Vinny | 9.00 | 13.00 |
a. What is Paulie's opportunity cost of producing a cup of ice cream?
Paulie's opportunity cost:
t‑shirts
b. What is Vinny's opportunity cost of producing a t-shirt?
Vinny's opportunity cost:
cups of ice creamcups of ice cream
c. Paulie has a comparative advantage in
and Vinny has a comparative advantage in
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