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I need help on these 2 microeconomics questions: Question 3 (2.5 points) Suppose Russel and Wilson are doing Biology and Math homework. In one hour,
I need help on these 2 microeconomics questions:
Question 3 (2.5 points) Suppose Russel and Wilson are doing Biology and Math homework. In one hour, Russel can solve 10 Biology questions or 10 Math questions, or any other combination lying on the line between those two points. In the same amount of time, Wilson can solve 20 Biology questions or 30 Math questions, or any other combination lying on the line between those two points. Which of the following statements is true? 0 Wilson has the absolute advantage in doing Math homework and Russel has the absolute advantage in doing Bio homework. O Russel has the comparative advantage in doing Math homework and Wilson has the comparative advantage in doing Bio homework. O Russel has the comparative advantage in doing Bio homework and Wilson has the comparative advantage in doing Math homework. O Wilson has the comparative advantage in both Biology and Math solutions. Question 4 (2.5 points) The linear production possibility curves for 2 countries are shown in the following gure. Assume that both countries only produce coconuts and fish. Use the gure to answer the following three questions. coconuts coconuts Country A Country B 500 500 sh sh 1500 2500 If Country A and Country B engaged in specialization and trade, will specialize in producing coconuts. A price (in terms of number of sh) acceptable to both countries for a coconut is 0 country A; 3.5 fish 0 country A; 0.3 sh 0 country B; 4 sh 0 country B; 0.2 shStep by Step Solution
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