Hi,

Valerie and Caroline are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Valerie takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza. Caroline takes 8 hours to brew a gallon of root beer and 4 hours to make a pizza.

Valerie's opportunity cost of making a pizza is _____________ of root beer, and Caroline's opportunity cost of making a pizza is ______________ of root beer.

___________________ has an absolute advantage in making pizza, and _____________ has a comparative advantage in making pizza.

If Valerie and Caroline trade foods with each other, ___________ will trade pizza in exchange for root beer.

The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is ___________ of root beer, and the lowest price that makes both roommates better off is ___________ of root beer per pizza.

Thank you for helping.