Microeconomics

Ease Answer Questions

2a through2f. Please show your calculations and your work. Consider the following table

Question

ease answer questions 2 a through 2f. Please show your calculations and your work. Consider the following table

below. Joe and Catherineproduce any of the following combinations of cookies and pies.

Joe Catherine

Cookies Pies Cookies Pies

0 30 0 20

10 24 10 16

20 18 20 12

30 12 30 8

40 6 40 4

50 0 50 0

2a. What is the opportunity cost to Joe forproducing one pie?

2b. What is the opportunity cost to Joe for producing one cookie?

2c. What is the opportunity cost to Catherine for producing one pie?

2d. What is the opportunity cost to Catherine for producing one cookie?

2e. Who has a comparative advantage in the production of pies? Who has a comparative advantage in the production of cookies?

2f. Explain why Joe and Catherine can be made better off through specialization and trade.

Microeconomics

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