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Assume Jessie and Mark make gloves and face masks for themselves during the pandemic. It takes Jessie 20 min to make a pair of gloves
Assume Jessie and Mark make gloves and face masks for themselves during the pandemic. It takes Jessie 20 min to make a pair of gloves and 4 min to make a mask, while it takes Mark 6 min to make a pair of gloves and 3 min to make a mask. Can they benefit from trading with each other? If they decide to each specialize in one good and then trade, who should specialize in each good? If they trade, how many masks could be traded for one pair of gloves so they would both be happy? (You only need to propose one possible price.)
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