Math Problem Statement
The opportunity cost for Jace of producing goods X and Y is 1X = 2Y and 1Y = 2X. The opportunity cost for Ethan of producing goods X and Y is: 1X = 5Y and 1Y = 1/5X. ________ has a comparative advantage in producing X, and ________ has a comparative advantage in producing Y. The opportunity cost for Tamara of producing goods X is 1X = 12Y, which means the opportunity cost for her of producing 1Y is ________ X. a. Ethan, Jace, 1/2 b. Jace, Ethan, 1/12 c. Ethan, Jace, 1/10 d. Jace, Ethan, 1/5
Solution
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Math Problem Analysis
Mathematical Concepts
Opportunity Cost
Comparative Advantage
Production Possibility Curve
Formulas
Opportunity Cost = What You Give Up / What You Get
Theorems
Law of Comparative Advantage
Suitable Grade Level
Grades 11-12
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