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1. Suppose Shakira can produce either 5 units of good X or 15 units of good Y in one day while Mariah can produce either 2 units of X or 10 units of Y in one day.

a)If no specialization is possible, what is the opportunity cost to Shakira of one unit of good X?  Of one unit of good Y?

b)If specialization is possible, in which good should Shakira specialize?  In which should Mariah specialize?  Explain.
c)At what sort of ratio will Shakira and Mariah trade good X for good Y?   Explain how such a ratio could benefit both.

 

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