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1. Robin and Terry are stranded on a deserted island and consume two products, coconuts and wood. In a day, Robin can gather 2 pounds
1. Robin and Terry are stranded on a deserted island and consume two products, coconuts and wood. In a day, Robin can gather 2 pounds of wood or gather eight coconuts, and Terry can catch one pound of wood or gather one coconut a. Creating a table showing opportunity cost for each party. Who has the comparative advantage in each good? Does either party have an absolute advantage? b. If Robin is initially self-sufficient, they can have 32 coconuts and 4 pounds of wood. Terry can have three coconuts and three pounds of wood when self sufficient. Show how each party could be made better off through trade
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