An economy has two workers, Anne and Bill. Per day of work, Anne can pick 30 apples or 120 bananas, and Bill can pick 40 apples or 40 bananas. Anne and Bill each work 200 days per year. a. Anne's opportunity cost of picking one more apple is . Bill's opportunity cost of picking one more apple is . has a comparative advantage in apple picking. has an absolute advantage in apple picking.

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24-11-2021
Business

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An economy has two workers, Anne and Bill. Per day of work, Anne can pick 30 apples or 120 bananas, and Bill can pick 40 apples or 40 bananas. Anne and Bill each work 200 days per year. a. Anne's opportunity cost of picking one more apple is . Bill's opportunity cost of picking one more apple is . has a comparative advantage in apple picking. has an absolute advantage in apple picking.

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akiran007 akiran007 · Answer 1 · 2021-12-01T05:42:21+01:00

Opportunity Cost is the opportunity or cost lost because another product or commodity is chosen.

Comparative advantage is when a person or entity gives up a lower opportunity cost for the same product or thing compared to the other person or entity.

Absolute advantage means when a person can produce or do more of a thing then the other person.

Anne's opportunity cost of picking an apple is 4 bananas.

Bill's Opportunity cost of picking an apple is 1 banana.

Bill has a comparative advantage of picking an apple.

Bill has an absolute advantage of picking an apple

Anne can pick 30 apples and 120 bananas.

It means if she picks an apple she will have to leave out 4 bananas.

Her opportunity cost of picking an apple is 4 bananas.

Similarly Bill has to give up 1 banana to pick another apple.

Bill's Opportunity cost of picking an apple is 1 banana.

Anne's opportunity cost of picking an apple is 4 bananas.

Bill has a comparative advantage of picking an apple because he will have to leave out only 1 banana as compared to Anne who has to leave out picking 4 bananas .

Anne's opportunity cost of picking a banana is 1/4 apples.

Bill's Opportunity cost of picking a banana is 1 apple.

Bill has an absolute advantage of picking an apple because he can pick more apples (40× 200= 8000) as compared to Anne who can pick less apples in the given number of days (30× 200= 6000) if resources are fixed.

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