Robinson Crusoe can gather 10 coconuts or catch 1 fish per hour His friend Friday can gather 30 coconuts or catch 2 fish per hour What is Crusoes opportunity cost of catching one fish What is Fridays Who has an absolute advantage in catching fish Who has a comparative advantage in catching fish ...

Crusoes opportunity cost of catching one fish is 10 c ...

Robinson Crusoe can gather 10 coconuts or catch 1 fish per hour. His friend Friday can gather

Question:

Robinson Crusoe can gather 10 coconuts or catch 1 fish per hour. His friend Friday can gather 30 coconuts or catch 2 fish per hour. What is Crusoe’s of catching one fish? What is Friday’s? Who has an absolute advantage in catching fish? Who has a comparative advantage in catching fish?

Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...