Scenario 3-1
The production possibilities frontiers below show how much Greg and Catherine can each produce in 8 hours of time.
Greg's Production Possibilities
Catherine's Production Possibilities 
-Refer to Scenario 3-1.Is it possible for Greg and Catherine to gain from trade? Defend your answer.
Definitions:
Utility Of Income
The perceived value or satisfaction that an individual gains from receiving a certain amount of income.
Income Function
A mathematical representation that shows how an individual's or firm's income changes in relation to other factors, such as labor or capital investment.
Identical Expected Values
Situations where two or more uncertain alternatives have the same expected outcome or result.
Investment Opportunity
A financial or economic chance to invest capital with the expectation of achieving a profitable return.
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