Time to produce one radio Time to produce one bushel of wheat Ted 20 minutes 5 minutes Nancy 30 minutes 15 minutes 1. Input or output? 2. Draw their production possibilities for one hour on one graph. 3. Absolute advantage in radios: 4. Absolute advantage in wheat: 5. In the box, calculate the PER UNIT opportunity cost for each. 6. Comparative advantage in radios: 7. Comparative advantage in wheat: 8. Give an example of terms of trade NOT advantageous to both. 9. Give an example of terms of trade that IS advantageous to both. Cars Planes ABC 8 days 10 days XYZ 15 days 12 days 1. Input or output? 2. Draw their production possibilities for one month on one graph. 3. Absolute advantage in cars: 4. Absolute advantage in planes: 5. In the box, calculate the PER UNIT opportunity cost for each. 6. Comparative advantage in cars: 7. Comparative advantage in planes: 8. Give an example of terms of trade NOT advantageous to both . 9. Give an example of terms of trade that IS advantageous to both