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3. Jennifer and Dave need to figure out how to divide the chores between. Dave can...

3. Jennifer and Dave need to figure out how to divide the chores between. Dave can wash 2 loads of dishes or 3 loads of laundry in 4 hours. Jennifer can wash 3 loads of dishes or 4 loads of laundry in 4 hours.

a. Does either one of them have an absolute advantage in both chores?

b. What type of advantage determines who should “produce” a good or service?

c. Using comparative and absolute advantage explain how small countries are able to compete in the global market.

d. Calculate the opportunity cost for Jennifer and Dave to do each chore and explain who should do each task.

e. Draw the PPF for Jennifer and Dave.

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