Part 1: Assume the following: Simon and Lucy both run hairdressing salons and produce hairdressing equipment including scissors and combs on the weekends; - Simon can produce (30) scissors or (60) combs in one day; 0 Lucy can produce (20) scissors or (60) combs in one day; and - In autarky (i.e., self-sufficiency without trade) each person produces both goods Use the information above to answer the following questions: a) i. What is the opportunity cost of 1 scissor for Simon? ii. What is the opportunity cost of 1 scissor for Lucy? iii. What is the opportunity cost of 1 comb for Simon? iv. What is the opportunity cost of 1 comb for Lucy? b) Which person has a comparative advantage in scissors and which person has a comparative advantage in combs? c) What is the range for the trading price (terms oftrade in terms of opportunity cost) that Simon and Lucy would agree to trade scissors at? Please explain your answer buy looking at each oftheir opportunity cost of scissors d) Assume that each person specialises in one product and that the terms of trade (the price that they agree to trade at) is 2.5 combs for 1 scissor. Does each person gain from trade as compared to autarky (pre trade) and why