The Table Below Describes the Production Possibilities for Lee and Amy

question 67

Essay

The table below describes the production possibilities for Lee and Amy in a four-hour shift.
NARRBEGIN: Table 3-5
Table 3-5
NARREND
a. What is the opportunity cost of one coffee for each person? What is the opportunity cost of one croissant?
b. Who has a comparative advantage in coffees? Who has a comparative advantage in croissants?
c. Who has an absolute advantage in coffees? Who has an absolute advantage in croissants?
d. Who should produce coffees? Who should produce croissants?

Know the levels at which transformational leadership can be applied within an organization.

Understand how transformational leaders motivate followers through innovative and creative encouragement.

Recognize the role of individualized consideration in leadership.

Appreciate the significance of risk-taking in transformational leadership.

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Definitions:

Past Consideration

A legal concept indicating that an act done before a contract is made is not valid consideration for the contract.

"The Answer"

Often used metaphorically to denote a solution or response that resolves a question or problem comprehensively.

Consideration

Something of value that is exchanged between parties in a contract, making it legally binding.

Illusory Promise

A situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration.