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You are given the following information about a couple and the time it takes each of them to do two different tasks: changing the oil
You are given the following information about a couple and the time it takes each of them to do two different tasks: changing the oil in car and baking a pie. Billy Bob Mary Lou Changing Oil and Filter 30 minutes 75 minutes Baking a Pie 90 minutes 45 minutes 1. What is Billy Bob's opportunity cost of changing the oil in terms of baking a pie? 2. What is Billy Bob's opportunity cost of baking a pie in terms of changing the oil? 3. What is Mary Lou's opportunity cost of changing the oil in terms of baking a pie? 4. What is Mary Lou's opportunity cost of baking a pie in terms of changing the oil? 5. Who has the absolute advantage in terms of changing the oil? 6. Who has the absolute advantage in terms of baking a pie? 7. Who has the comparative advantage in terms of changing the oil? 8. Who has the comparative advantage in terms of baking a pie? 9. Who should do which task and why? EXPLAIN your answer on the above information and the concept of comparative advantage considerations
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