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Gains from Trade — End of Chapter Problem Ramon and Sammy are working on a group...

Gains from Trade — End of Chapter Problem

Ramon and Sammy are working on a group homework assignment. The homework consists of a set of essay questions and a set of questions on graphing models. Ramon can finish an essay question in about 15 minutes and a graphing question in about 30 minutes. Sammy can finish an essay question in about 20 minutes and a graphing question in about 35 minutes. Assume that Ramon and Sammy produce the same quality answers.

Calculate Ramon and Sammy's opportunity cost of each task. Please round each answer to the nearest tenth.

a. Ramon’s opportunity cost of completing an essay question:______graphing questions

b. Ramon’s opportunity cost of completing a graphing questions_______essay questions

c. Sammy’s opportunity cost of completing an essay question:______graphing questions

d. Sammy’s opportunity cost of completing a graphing question:______essay questions

e. If the two want to specialize in working on their homework, who should do the essay questions and who should do the graphing questions?

Ramon should do the graphing questions, and Sammy should do the essay questions.

Ramon should do the essay questions, and Sammy should do the graphing questions.

Ramon should do all of the questions.

Sammy should do all of the questions.

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Homework Answers

Answer #1

Unit time requirements table

Essay Graphing
Ramon 15 30
Sammy 20 35

A) for Ramon

To complete, 1 essay question , give up = 15/30= .5 graph question

Opportunity Cost : .5 graph Questions

B) opportunity cost of graph Questions = 2 essay questions

= (30/15) = 2

C) for Sammy

OC of essay question = (20/35)

= 4/7 graph ques

D) OC of graph Question= (35/20)

= 7/4 Essay ques

E) option 2)

Ramon should do the essay questions, and Sammy should do the graphing questions.

As Ramon has lower opportunity cost of Essay ques, ( in terms of graph Question) as compared to that of Sammy, so Ramon should do essay ques

& Sammy should do graph Ques

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