PROBLEM #4 Peyton and Riley both have experience in baking and in home upkeep. In one afternoon, Peyton can bake 90 cookies; if Peyton spends the afternoon washing windows, Peyton can clean 30 windows. In one afternoon, Riley can bake 80 cookies; if Riley spends the afternoon washing windows, Riley can clean 20 windows. a. Determine which person has an absolute advantage in washing windows. Who has an absolute advantage in baking cookies? Briefly explain your answer. b. Determine which person has a comparative advantage in washing windows and who has a comparative advantage in baking cookies. Briefly explain your derivation. C. If an individual has an absolute advantage in an activity, does that person necessarily have a comparative advantage in that activity? Briefly explain your answer. d. For each person (Peyton and Riley), determine the activity in which each should specialize in order to gain from trading, according to the principle of comparative advantage