Micro Economics

This assignment is based on the scenario based in Chapter 3 involving Frank and Ruby. Make sure you answer the why parts of the questions. Use that information to complete the following questions:

a. Give the Production Possibilities Frontier for both parties for both goods. b. What are the amounts chosen by both parties to produce for both goods before trading? Explain why they chose these amounts to produce.

c. What are the amounts chosen by both parties to produce for both goods after trading? Explain why they chose these amounts to produce.

Absolute Advantage: who has it and why.

Comparative Advantage: who has it for each good and why.

Opportunity costs for both parties for both products and why (how were they computed. You need to give the computations as part of your answer).

Price for both goods that they agreed upon. How and why were the specific prices chosen?

Why did they both agree to trade? Give at least 3 reasons.

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