Questions & AnswersMicroeconomics

Hilary and Maria are roommates. They spend most of their time...

Question
Answered step-by-step
Asked by ChancellorWillpower3380 on coursehero.com

Hilary and Maria are roommates. They spend most of their time...

Hilary and Maria are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Hilary takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Maria takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza.

Hilary's opportunity cost of brewing a gallon of root beer is    , and Maria's opportunity cost of brewing a gallon of root beer is    .

 

    has an absolute advantage in brewing root beer, and    has a comparative advantage in brewing root beer.

 

If Hilary and Maria trade foods with each other,    will trade away pizza in exchange for root beer.

 

The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is    of root beer, and the lowest price that makes both roommates better off is    of root beer per pizza.

 

 

 

 

 

 

 

 

 

 

Answer & Explanation

Solved by verified expert
Answered by gracemusenya on coursehero.com
<p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facil<strong>sect</strong>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisi<strong>sect</strong></p><p>sec</p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis.<strong>sectet</strong>sectetur adipiscing elit. Nam lacinia pulvinar<p></p>se
CliffsNotes Logo

Unlock access to this and over
10,000 step-by-step explanations

Unlock Explanation

Have an account? Log In

Step-by-step explanation

<figure class="table"><table><tbody><tr><td> </td><td>sectetur</td><td>secte</td></tr><tr><td>sectetu</td><td>s</td><td>s</td></tr><tr><td>secte</td><td>s</td><td>s</td></tr><tr><td colspan="3"> </td></tr><tr><td> </td><td>sectetur adipisc</td><td>sectetur adipisc</td></tr><tr><td>sectetu</td><td> </td><td> </td></tr><tr><td>secte</td><td> </td><td> </td></tr></tbody></table></figure><p> </p><p>se</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pelle</p><p>sectetur adipiscing elit. Nam lacinia p</p><p>sectetur adipiscing elit. Nam</p><p>sectetur adipisci<sup>se</sup>sectetur adipiscing elit. Nam l<sup>se</sup>sectetur adipiscing</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor</p><p>sectetur adipiscing elit. N</p><p> </p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam r</p><p>sectetur adipiscing elit.<sup>se</sup>sectetur adipiscing elit. Nam lacinia p<sup>se</sup>sectetur adipiscing elit. Nam lacinia pulvinar tortor</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue v</p><p> </p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce d</p><p> </p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pell<sup>se</sup>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellen</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, d</p>

Get unstuck with a CliffsNotes subscription

Example CliffsNotes Question and Answer
Unlock every step-by-step explanation, download literature note PDFs, plus more.Get Access

Related Q&A