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- PA no Page 5 8. Pat and Kerry are considering a partnership. With all Pat's resources, Pat can produce 50 X or 20 Y. With all of Kerry's resources, Kerry can produce 30 X or 30 Y. Assume the resources can be easily substituted to make either product. They are starting by using half of the resources to make each item. These relationships are shown in the following table. Use this information to answer the following questions: Kerry Product X (Xylophones) Product Y (Yams) 50 0 Pat 25 Pat make? 10 0 20 Pat make? 30 0 15 15 0 30 a. Who has an absolute advantage in producing X? Pat b. Who is a comparative advantage in producing Y? Partnership be gained from before they started trading? c. If Pat and Kerry decided to take all the gains from trade in X, how much X would 40 25 d. If Pat and Kerry decided to take all the gains from trade in X, how much X would Gain be gained from before they started trading? e. If Pat and Kerry decided to take all the gains from trade in Y, how much Y would f.…What are transaction costs? How does opportunistic behavior tend to increase transaction cost?Why do issues of bounded rationality and opportunism increase the costs of using contracts in market-based interaction?
- Do you think integrative approach to negotiation is more effective that distributive approach?What is the difference between consummatorymotives and instrumental motives?Imagine that you are trying to decide whether to cross a street without using the designated crosswalk at the traffic signal. What are the expected marginal benefits of crossing? The expected marginal costs? How would the following conditions change your benefit–cost equation?