Suppose that Paulie and Vinny can each produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny can produce in 1 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places. Paulie Vinny Ice cream (cups) 3.00 6.00 T-shirts (quantity) 18.00 12.00 a. What is Paulie's opportunity cost of producing a cup of ice cream? c. Paulie has a comparative advantage in D. What is Vinny's opportunity cost of producing a t-shirt? Paulie's opportunity cost: Vinny's opportunity cost: and Vinny has a comparative advantage in t-shirts cups of ice cream

Suppose that Paulie and Vinny can each produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny can produce in 1 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places. Paulie Vinny Ice cream (cups) 3.00 6.00 T-shirts (quantity) 18.00 12.00 a. What is Paulie's opportunity cost of producing a cup of ice cream? c. Paulie has a comparative advantage in D. What is Vinny's opportunity cost of producing a t-shirt? Paulie's opportunity cost: Vinny's opportunity cost: and Vinny has a comparative advantage in t-shirts cups of ice cream

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 2SCQ: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce...

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