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2. R02 and Celia are making milk shakes and smoothies. They can make products according to this: Milk Shakes Smoothies Opportunity Cost Opportunity Cost of

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2. R02 and Celia are making milk shakes and smoothies. They can make products according to this: Milk Shakes Smoothies Opportunity Cost Opportunity Cost of Milk Shake of Smoothie IE_l-I 10 or _ Or any combination in between, according to the matching production possibility frontier. a. Fill in the chart of opportunity costs. b. Who has an absolute and comparative advantage in each item? c. What terms of trade would work here? When the time comes, how many smoothies will get traded for one milk shake? Who will be trading smoothies for milk shakes and who will be trading milk shakes for smoothies? d. Imagine if each person spent half a shift making each product. How much of each product would they produce? Fill in the blanks Milk Shakes

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