Let us assume two students must prepare a presentation for their economics class. As part of their class presentation, they must do a series of calculations and prepare 50 PowerPoint slides. It would take James 10 hours to do the required calculation and 10 hours to prepare the slides. It would take Jane 12 hours to do the series of the calculations and 20 hours to prepare the PPT slides. A. How much time would it take the two students to complete the project if they divide the two tasks equally?B. How much time would it take the two students to complete the project if they use comparative advantage and specialize in calculating or preparing slides? C. If Larry and Kate have the same opportunity cost of $5 per hour, is there a better solution than for each to specialize in calculating or preparing slides?

A. How much time would it take the two students to complete the project if they divide the two tasks equally?

B. How much time would it take the two students to complete the project if they use comparative advantage and specialize in calculating or preparing slides?

C. If James and Jane have the same opportunity cost of $5 per hour, is there a better solution than for each to specialize in calculating or preparing slides?

Explanation:

50 powerpoint slides

James needs 10 hours to do the calculations and 10 hours to prepare the slides = 20 hours total / 2 = 10 hours

Jane needs 12 hours to do the calculations and 20 hours to prepare the slides = 32 hours total / 2 = 16 hours

James's opportunity cost of doing the calculations or preparing the slides is 10 / 10 = 1

Jane's opportunity cost of doing one hour of calculations is 20 / 12 = 1.67 hours of preparing slides.

Jane's opportunity cost of doing one hour of preparing slides is 12 / 20 = 0.6 hours of calculations.

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