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Chapter 2: Q 16 (page 46)

Based on the information in Problems 2-15, should you and your roommate specialize in a particular task? Why? And if so, who should specialize in which task? Show how much labor time you save if you choose to 鈥渢rade鈥� an appropriate task with your roommate as opposed to doing it yourself.

Short Answer

Expert verified

Yes, each should specialize in a particular task based on the comparative advantage.

I should specialize in laundry and the roommate should specialize in meal preparation.

I will complete the laundry in 4 hours and the roommate will complete meal preparation in 3 hours.

Step by step solution

01

Step 1. Given Information.

The information is:


LaundryMeal Preparation
Me2 hours1 hour
My roommate3 hours1 hour
02

Step 2. Specialization.

Yes, each should specialize in a particular task based on the comparative advantage.

I should specialize in the laundry because I have a comparative advantage in it and the roommate should specialize in meal preparation because he/she has a comparative advantage in it.

03

Step 3. Labor Time.

The time for laundry for me is 2 hours and the time for laundry for my roommate is 3 hours and each takes 1 hour for meal preparation.

The total time is 7 hours.

I will complete the laundry in 4 hours and the roommate will complete meal preparation in 3 hours based on the specializations.

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Most popular questions from this chapter

Country A and country B produce the same consumption goods and capital goods and currently have identical production possibilities curves. They also have the same resources at present, and they have access to the same technology.

a. At present, does either country have a comparative advantage in producing capital goods? Consumption goods?

b. Currently, country A has chosen to produce more consumption goods, compared with country B. Other things being equal, which country will experience the larger outward shift of its PPC during the next year?

Suppose that in Fig 2-1, a student currently is allocating her study time in such a way that she is earning a C in mathematics and a C in economics. What is the opportunity cost, measured in terms of the resulting grade change, if this student wishes to reallocate her study time in order to raise her mathematics grade by one letter, from a C to a B?

After the concert discussed in Problems, 2-3 is over and you and your friend are traveling home, you discuss how each of you might otherwise have used the four hours devoted to attending the concert. The four hours could have been used to study, watch a sporting event on TV, or get some extra sleep. Your friend decides that if she had not spent four hours attending the concert, she would have chosen to study, and you reply that you otherwise would have watched the televised sporting event. Identify the relevant opportunity costs for you and your friend for allocating your four hours to attending the concert. Explain briefly.

Using only the concept of comparative advantage, evaluate this statement: 鈥淎 professor with a Ph.D. in physics should never mow his or her own lawn, because this would fail to take into account the professor's comparative advantage."

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