I doo Dana Rojas Macro Topic 1.3 -I give up P. 4 Comparative Advantage and Trade Part 1 - Mastering Skills- Answer the following questions to verify that you fully understand opportunity cost, absolute advantage, comparative advantage, and terms of trade. Units produced per hour Hours needed to produce one unit Burgers Pizzas Ukuleles Surfboards Bob 30 5 Jack 12 4 Frank 16 Jill 25 5 1. Is this an output problem or an input problem? Is an Inputut problem ( Time) 11. Is this an output problem or an input problem? is an Inputt problem (Time 2. What is Bob's opportunity cost of producing 12. What is Jack's opportunity cost of producing 1 1 pizza? 30. =0. Leburg ukulele? 3. What is Frank's opportunity cost of 13. What is Jill's opportunity cost of producing 1 producing 1 burger? 16 = 42 izzasas surfboard? 4 4. What is Bob's opportunity cost of producing 14. What is Jack's opportunity cost of producing 1 1 burger? 3 0 = = 6. pizzasas surfboard? 5. What is Frank's opportunity cost of 15. What is Jill's opportunity cost of producing 1 producing 1 pizza? 4 = =025 burgos ukulele? 6. Who has the absolute advantage in 16. Who has the absolute advantage in producing producing burgers? (Who Produces more ) surfboards? oky in less time 7. Who has the absolute advantage in 17. Who has the absolute advantage in producing producing pizzas? Frank ukuleles? 8. Who has the comparative advantage in 18. Who has the comparative advantage in producing burgers? Frank producing surfboards? 9. Who has the comparative advantage in producing pizzas? (lower Opportunity cost . who has the comparative advantage in producing ukuleles? 10. What would acceptable terms of trade be 20. What would acceptable terms of trade be between Bob and Frank? between Jack and Jil? Video Help: https://youtube/XTEb98PYOXA Copyright Jacob Clifford 2020. www.ACDCecon.com Annual license required. Do not use unless you have purchased a lic