Opportunity cost and comparative advantage
the topics are the opportunity cost and comparative advantage. Please think about these concepts, relative to your own experience. please answer the question in full.
The answers should take about one full page
1) What is the opportunity cost of doing this assignment, and what is the opportunity cost of pursuing this degree program(Bachelr degree) ?
2) What is your Comparative Advantage? I am not asking what advantages you bring, but rather the specific concept of Comparative Advantage. Here is an example,
My son is young and strong and can cut the lawn in 45 minutes. I am slower and it takes me 75 minutes. We both can prepare a meal in about half an hour. If we split the chores so that he always mows the lawn and I always cook, we save more time than if we shared those tasks between us. If we took turns at the chores, we would spend an average of an hour and a half to mow and cook. If he does all the mowing and I do all the cooking, chores on average take 37 minutes.
You can use examples from work or hobbies or family, friends, fellow students ( think about group projects). You can make something up if you can’t think of a real example!
and lastly
3) Can a country with no absolute advantage benefit from global trade and would their trade partners benefit? Explain in a sentence or two
