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B. Explain the relationship between the dependent and the independent variables x and y for each equation. A) What is the opportunity cost of a gift
B. Explain the relationship between the dependent and the independent variables x and y for each equation. A) What is the opportunity cost of a gift basket for Martha? What is the opportunity cost of a gift basket for Stewart? Who has a comparative advantage in producing gift baskets? How can you tell? B) What is the opportunity cost of a potholder for Martha? What is the opportunity cost of a potholder for Stewart? Who has an absolute advantage in producing potholders? Who has a comparative advantage in producing potholders?
