1.Jean and Jake can produce books and sketch pads.The table below outlines the production possibilities for each producer.

Producers/Goods Books Sketchpads

Jean 6 2

Jake 10 5

a.Who has the absolute advantage in producing books?

b.Who has the absolute advantage in producing sketchpads?

c.What is Jean's opportunity cost of producing sketchpads?

d.What is Jake's opportunity cost of producing books?

e.What is Jean's opportunity cost of producing books?

f.What is Jake's opportunity cost of producing sketchpads?

g.Who has the comparative advantage in producing sketchpads?

h.Who has the comparative advantage in producing books?

1.Nutella and Smucker's produce only two goods, peanut butter and strawberry jelly.

Nutella Smucker's

Peanut butter 30 50

Strawberry jelly 10 25

a.Who has absolute advantage inproducingpeanut butter?

b.Who has absolute advantage inproducingstrawberry jelly?

c.What is Nutella's opportunity cost ofproducing peanut butter?

d.What is Nutella's opportunity cost ofproducing strawberry jelly?

e.What is Smucker's opportunity cost ofproducing peanut butter?

f.What is Smucker's opportunity cost ofproducing strawberry jelly?

g.Whoshould import peanut butter?

h.Whoshould export strawberry jelly?