Question
Scenario 1. Suppose you are an owner of a small factory which produces tables and chairs. You have 3 workers; worker A, B and C.
Scenario 1. Suppose you are an owner of a small factory which produces tables and chairs. You have 3 workers; worker A, B and C. Worker A can produce 4 tables or 4 chairs in one day. Worker B can produce 1 tables or 3 chairs, worker C can produce 3 tables or 6 chairs in one day.
Refer to Scenario 1. Who has the comparative advantage in chairs.
a. Worker A.
b. Worker B.
c. Worker C
d. We don't have enough information to answer the question.
Refer to Scenario 1. Suppose workers A and B are making only chairs and C is making only tables. Which of the following is correct?
a. The current production plan is efficient.
b. The current production plan is not efficient.
c. The current production plan is not feasible.
d. None of above.
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