Economics in a Global Environment

As a manager of a monetary preparedness business you have two fiscal planners, Phil and Francis. In an hour, Phil digest put out either one financial tale or swear out 8 call venture calls, while Francis fecal matter either set remove 2 financial disceptations or perform 10 strait calls. Does either person have an absolute advantage in producing both(prenominal) products? Should these two planners be self-sufficient (each producing affirmations and answering environs) or specialize? Be sure to show your work. In this contour it is clear that in either scenario each of these financial planners undersurface indeed get up both a financial statement as well as answer calls. In the look of Phil instead of answering 8 phone calls Phil could answer 4 calls and produce a financial statement. All Phil need to do is allocate his time to 30 minutes producing his financial statement and 30 minutes to answer phone calls. If he does his financial statement first it wo uld eliminate his need to boot and whether he answered 1,2,3 or 4 calls still would have given(p) him the cleverness to do both task. In the case of Francis, it shows that she provide do 2 financial statements or 10 phone calls in the same time frame given to her counterpart.

This is a no brainer if Francis is able to do 2 statements or 10 calls she croup easily do 1 statement and 5 calls or maybe even push out 1 statement and 6 or 7 calls. Whatever the union it is wi stillut a doubt that she can indeed do both in an hours time. From my understanding of Production Possibilities Curve one can produce more of one product by sacrificing any(prenominal) of another(p! renominal) product thus enabling to produce both tho one would be less in amount to what is commonly normal. I think... If you want to get a full essay, bon long ton it on our website: OrderCustomPaper.com

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