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Lecture 3

Lecture 3.docx

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Hannah Holmes

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Should you and your Roommate Divide Household Chores Evenly There are 2 interior decorators who can paint & wallpaper. They have 40 hour work weeks. Martha can paint 20 rooms or wallpaper 5 rooms; Stewart can paint 10 rooms or wallpaper 8 rooms Stewart 20 Martha 10 8 5 Output done in 40 hours Paint Wallpaper Martha 20 5 Stewart 10 8 Hours needed to do 1 room Paint Wallpaper Martha 2 8 Steward 4 5 Opportunity cost of 1 room Paint Wallpaper Martha ¼ 4 Stewart 4/5 (0.80) 5/4 (1.25)  Absolute advantage – the ability to produce a good with a smaller quantity of inputs  Comparative advantage – the ability to pro
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