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Question 1 Suppose Mike and Johnson produce two products-hamburgers and T-shirts. Mike produces 10 hamburgers or...

Question 1 Suppose Mike and Johnson produce two products-hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts a. Draw the production possibility curve (2.5 marks) b. Who enjoys the absolute advantage of producing both? (2.5 marks) c. Who has higher opportunity cost of making T-shirts? (2.5 marks) Who has a comparative advantage in producing hamburgers? (2.5 marks)

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