Suppose your goal is to estimate the elasticity of demand for blueberries.
September 3, 2020
In order for you to start a small business, 1 manager (adopt reservation wage from savings) and 1 staff (adopt with no reservation wage) is needed….
September 3, 2020

*What is Michelle’s opportunity cost of producing potatoes? *What is Michelle’s opportunity cost of producing chickens? *What is James’ opportunity cost of producing potatoes?*What is James’ opportunity cost of producing chickens?*Which person has an absolute advantage in which activities?*Which person has a comparative? *Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off? Explain.*How would you extend the above narrative to businesses, society as a whole or nations? Explain.

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