Answer to Question #64929 in Microeconomics for muhammad dain
One concept related to opportunity cost that is introduced in your text and discussed in my lecture notes for this week is the concept of “comparative advantage.” My notes give an example at the level of countries. Here’s one at the level of individuals. It takes nimble Naomi 2.5 hrs to input 50 records into a data base and 4 hrs to debug 500 lines of C++ code; while fat fingered Freddie takes 4 hrs to input 50 records into the data base and 8 hrs to debug 500 lines of code. If you’re managing Freddie and Naomi and have 800 new records which must be entered into the firm’s data base and 3000 lines of code in a new program which must be debugged– all by the end of the week– how do you divide up the work between Freddie and Naomi so that no one works any overtime? (No, you can’t fire Freddie and hire someone more competent…he’s the boss’s nephew.) Explain your answer in terms of the comparative advantage principle.
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