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You and your best friend are enrolled in the Econ 201 course at the University of Regina. As part of the evaluation, you are required to work in pairs on a term project involving writing analysis and

You and your best friend are enrolled in the Econ 201 course at the University of Regina. As part of the evaluation, you are required to work in pairs on a term project involving writing analysis and making calculations. The table below shows the time you and your friend need to write a page and solve a math problem, and the number of pages you and your friend can write and the number of math problems you both can solve in 24 hours. Hours needed to complete 1 written page 1 math problem solved 6 2 3 4 In 24 hours Number of Number of math written pages problems solved 4 12 8 6 + You Your best friend + 2.1. What is the opportunity cost of writing and solving math problems for you and your best friend? (2 marks) 2.2. Who should specialize in writing and who in solving math problems? (2 marks) 2.3. What are the gains of specialization? (2 marks) 2.4. What is the exchange rate (price) between pages written and math problems solved? (2 marks)

Apr 12 2021 View more View Less

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