The Following Table Shows Output Per Hour for Fred and Barney

question 1

Essay

The following table shows output per hour for Fred and Barney who mow lawns and trim hedges:
What is the opportunity cost of mowing a lawn for Fred? What is the opportunity cost of trimming a hedge for Fred? Who has a comparative advantage in mowing lawns? How can you tell?

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Definitions:

Conformity

The process of aligning one's attitudes, beliefs, and actions with the norms of a group or the expectations of society.

Compliance

The act of conforming, submitting, or adapting one's behavior to match with demands, requests, or regulations from others, often used in a legal or regulatory context.

Lowball Procedure

The lowball procedure is a psychological technique used in persuasion and sales where an initially favorable offer is made, only to have terms less favorable to the buyer introduced later.

Expensive Extra Equipment

Items or tools that are not included with the basic package of a product and are often high in price.