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You and your best friend enjoy writing song lyrics and composing music. The table below shows the time you and your friend require to write the lyrics and the music of a song. The table also shows

You and your best friend enjoy writing song lyrics and composing music. The table below shows the time you and your friend require to write the lyrics and the music of a song. The table also shows the number of lyrics and music compositions you and your friend can write and compose in 40 hours. Hours needed to complete In 40 hours Lyrics of one song Music of a song Number of lyrics Number of music compositions You 1 2 40 20 Your best friend 2 8 20 5 2.1. What is the opportunity cost of writing lyrics and composing music for you and your best friend? (2 marks) 2.2. Who should specialize in writing lyrics and who in composing music? (2 marks) 2.3. What are the gains of specialization? (2 marks) 2.4. What is the exchange rate (price) between lyrics and music? 

Apr 12 2021 View more View Less

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