1. Refer to Scenario 3-1. What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer. 2. Refer to Scenario 3-1. What is Greg's opportunity cost of producing cake? Explain how you derived your answer. 3. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing ice cream? Explain how you derived your answer. 4. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing cake? Explain how you derived your answer. 5. Refer to Scenario 3-1. Which if any good(s) does Greg have an absolute advantage producing? 6. Refer to Scenario 3-1. Which if any good(s) does Catherine have an absolute advantage producing? 7. Refer to Scenario 3-1. Is it possible for Greg and Catherine to gain from trade? Defend your answer.

1. Refer to Scenario 3-1. What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer. 2. Refer to Scenario 3-1. What is Greg's opportunity cost of producing cake? Explain how you derived your answer. 3. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing ice cream? Explain how you derived your answer. 4. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing cake? Explain how you derived your answer. 5. Refer to Scenario 3-1. Which if any good(s) does Greg have an absolute advantage producing? 6. Refer to Scenario 3-1. Which if any good(s) does Catherine have an absolute advantage producing? 7. Refer to Scenario 3-1. Is it possible for Greg and Catherine to gain from trade? Defend your answer.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 13RQ: Explain why societies cannot make a choice above their production possibilities frontier and should...

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