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Understanding Economic Jokes in English
1, Pat's opportunity cost is 0.5 gallon root juice soda for a pizza, and Kris's is 0.667 gallon root juice soda. Pat has absolute and relative advantages in making pizza.
2. Chris will exchange all root juice sodas for Pat's pizza.
3. In the exchange, the highest acceptable value for Kris is 0.667 gallon of root beer per pizza. Above this price, he might as well bake his own pizza. So this is the highest price. The lowest price that Pat can accept is a pizza with 0.5 gallon of root beer. Below this price, he will brew his own root beer. Therefore, the exchange will take place between 0.667-0.5 gallons of root beer and a pizza.
The above only considers the time cost of production, regardless of the material cost.
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