In One Day, Daniel Can Catch 10 Frogs or 5

question 92

Essay

In one day, Daniel can catch 10 frogs or 5 birds that are eating the crops on his farm. Miles can catch 20 frogs or 2 birds.
a. What is Daniel's opportunity cost of catching a bird? What is Miles' opportunity cost of catching a bird?
b. Who has comparative advantage in catching frogs? Birds?
c. The two farmers decide that Daniel will catch 2 birds for Miles if Miles catches 40 frogs in return. Who is gaining from this specialisation and trade?
d. If Miles hones his bird catching skills and can now catch 5 birds in an hour, have the farmers' advantages changed?

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