![]() How many puzzles and puppets will each one have after they complete their trade? Geppetto: 70 puzzles and 10 puppets The terms of trade are still 3 puzzles for each puppet. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. Puppets: Lewis Production Possibilities Schedules With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: Geppetto Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. ![]() If both producers decided to trade with each other to stock their toy stores, which of the following is a range of terms of trade that would benefit both Geppetto and Lewis (1 puppet = x puzzles)? They would be willing to trade in the range of 2 puzzles per puppet to 5 puzzles per puppet. Which producer has the comparative advantage in producing puppets? Lewis Production Possibilities Schedules Which producer has the comparative advantage in producing puzzles? Geppetto Production Possibilities Schedules If both Mountain Mack and Big Lake Bob choose to specialize in the product in which he has a comparative advantage, how many of each product could they produce together? 100 fishing lures and 50 duck decoys Production Possibilities Schedules Who has the comparative advantage in carving fishing lures? In carving duck decoys? Fishing lures: Big Lake BobÄuck decoys: Mountain Mack Production Possibilities Schedules Fishing Lures Duck Decoys Fishing Lures Duck DecoysĬombined, how many fishing lures and duck decoys could Mountain Mack and Big Lake Bob carve if each one split his week between the two products? 70 fishing lures and 40 duck decoys Production Possibilities Schedules
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