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Ace and Gary are stuck on an island together. Each can divide their time between catching fish or picking coconuts. By spending all their time
Ace and Gary are stuck on an island together. Each can divide their time between catching fish or picking coconuts. By spending all their time catching fish, Ace can catch 5 fish. By spending all their time picking coconuts, Ace can pick 15 coconuts. Similarly, Gary can catch up to 10 fish or pick up to 10 coconuts. a. Who has the absolute advantage in the catching of fish and picking of coconuts? b. Compute each person's marginal opportunity cost of catching a fish. c. Who has the comparative advantage in the catching of fish and picking of coconuts
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