William can create 30 meals in one hour or wash 90 dishes in...

William can create 30 meals in one hour, or wash 90 dishes in the same time. Jeremy can create 25 meals in one hour, or wash 50 dishes in one hour. Using opportunity cost, who should specialize in what task? Question 15 options: a) Jeremy gives up fewer dish washings per meal creation, so Jeremy should create meals. b) Jeremy can wash twice as many dishes per meal, so Jeremy should wash dishes. c) Since creating meals is harder, William should create meals and wash dishes. d) Since washing dishes is easier, Jeremy should wash dishes and create meals. e) William is more productive and therefore should make meals and wash dishes.

Transcript

0:00 Hi everyone.

00:01 So this is problem six from chapter three.

00:04 So it seems it doesn't, you know, it seems it doesn't have strong relationships with economists, but it do have, right? so let's breathe on, let's let's conceptualize this question in terms of macroeconomics perspective, right? so for kayla, the cost for kayla to cook dinner.

00:26 So we can regard, we can regard dinner as a and the cost of making this product is 30 minutes.

00:34 And the cost of making the product, i mean washing the laundry is 20 minutes.

00:39 And her roommate takes half as long.

00:41 Her roommate will, well, her roommate needs like 15 minutes to cook dinner and 10 minutes to wash the laundry.

00:51 So we, in order to see whether they will have the treat between kayla and her roommates, we need to to compute the comparative or opportunity cost for kela and her roommates regarding each products they're going to produce, right? so if the kila has the comparative advantage on either cooking dinner or washing the laundry, then they should do the treat between kela and her roommates.

01:26 So let's do the math.

01:27 So the optionate cost of cooking the dinner is simple.

01:32 It's because cooking dinner takes 30 minutes to compute one unit of dinner, right? and it only takes 20 minutes to produce one unit of, i mean, washing the laundry.

01:44 So this gives us 1 .5 units of laundry...

Question

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