A. Mary Jane is a lawyer who can earn $150 per hour in her law practice. She is also an excellent carpenter who can build cabinets three times as fast as the best carpenter, whose hourly wage is $20 per hour.
What advantage does Mary Jane have in law?
a. Mary Jane has a comparative advantage in law so she should specialize in law and hire a carpenter to make her cabinets.
How much does Mary Jane make an hour?
Mary Jane is a lawyer who can earn $150 per hour in her law practice. She is also an excellent carpenter who can build cabinets three times as fast as the best carpenter, whose hourly wage is $20 per hour.
Who is faster, Mary Jane or any carpenter?
d. Mary Jane is three times faster than any carpenter so she should give up her law practice to become a carpenter.
How many units of Y are there in the opportunity cost of moving from point P to point R?
I. The opportunity cost of moving from point P to point R is 10 units of Y.
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