-The Figure Above Shows Prakash's and Gail's Production Possibilities Frontiers

question 202

Essay

-The figure above shows Prakash's and Gail's production possibilities frontiers for writing books and magazine articles.
a) What is Prakash's opportunity cost of a book? What is Gail's opportunity cost? Who has the comparative advantage in writing books?
b) Who has the comparative advantage in writing magazine articles?
c) According to their comparative advantages, who should write books and who should write magazine articles?

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Definitions:

Unchanging

Remaining the same over time; not undergoing any transformation, variation, or development.

Loudness

The perception of the intensity of sound waves, often measured in decibels, as experienced by a listener.

Amplitude

The height or strength of a wave signal, which in the context of sound, determines its loudness.

Sound Wave

A type of pressure wave generated by vibrating objects, which travels through a medium (such as air or water) and is perceived as sound when it reaches a human ear.