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Thomas Edison State ECO 112 Week 2 Assignment

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Question;Assignment 2;1.;Gary and Diane must prepare a presentation. As part of their presentation, they;must do a series of calculations and prepare 50 PowerPoint slides. It would;take Gary 10 hours to do the required calculations and 10 hours to prepare the;slides. It would take Diane 12 hours to do the calculations and 20 hours to;prepare the slides.;a. How much time would it take the;two to complete the project if they divide the calculations equally and the;slides equally?;b. How much time would it take the;two to complete the project if they use comparative advantage and specialize in;calculating or preparing slides?;c. If Diane and Gary have the same;opportunity cost of $5 per hour, is there a better solution than for each to;specialize in calculating or preparing slides?;2. Give examples of a monopoly and;an example of perfect competition. Explain how each of your examples matches;the textbook's definition of that market structure.

 

Paper#56751 | Written in 18-Jul-2015

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