Class Notes (835,375)
Canada (509,147)
Economics (1,617)
ECON 1BB3 (535)
Lecture

lectue two

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Winter

Description
Should you and your roommate divide household chores evenly maybe you are better at vacuuming but your roommate is better at cleaning dishes should tradeExample 1 There are 2 interior decorators that can paint and wallpaper They have 40 hr work weeks Martha can paint 20 rooms or wallpaper 5 rooms Stewart can paint 10 rooms or wallpaper 8 roomsMartha Stewart 2010 PaintPaint 5wallpaper 8 wallpaperdone in 40 hoursPaint wallpaper Martha 20 5 Steward 10 8 Whoever has the higher number does it better more rooms donehrs needs to do 1 roomPaint wallpaper Martha 2 8 Steward 4 5 Whoever has the lowest number does it better less time taken Opportunity cost whatever must be given up to
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