Short free-response question
Cakes and quilts
- Unit 1
- 5 points
- About 12 minutes
You can use a calculator on this question, just like on exam day.
A shorter question with a few lettered parts on one situation, often built on a table, a payoff matrix or a given or described graph. You make claims, explain them, calculate a value, or describe a labeled graph and show a change on it. On the exam: Questions 2 and 3 of 3 in Section II; 5 points each, a quarter of the section score each. About 12 minutes suggested for each. Four-function calculator allowed.
The question and its sources
Lena and Marco each sell homemade cakes and quilts. The table shows how many hours each of them needs to make one cake or one quilt. Each has the same number of hours available for work.
Table 1. Hours needed to make one unit
| Person | Hours per cake | Hours per quilt |
|---|---|---|
| Lena | 2 | 6 |
| Marco | 3 | 12 |
Source: Hypothetical data
Suggested time: 12 minutes
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Part (a)
1 pointIdentify who has the absolute advantage in making cakes. Explain using the data.
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Part (b)
1 pointCalculate Marco's opportunity cost of making one quilt, in cakes. Show your work.
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Part (c)
1 pointIdentify who has the comparative advantage in making quilts. Explain using opportunity costs.
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Part (d)
1 pointSuppose Lena specializes in quilts and Marco specializes in cakes, and they trade at a rate of 1 quilt for 3.5 cakes. Would both of them gain from trading at this rate? Explain.
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Part (e)
1 pointSuppose Lena learns a faster recipe and can now make a cake in 1 hour. Her time per quilt does not change. Identify who now has the comparative advantage in making quilts. Explain.
0 / 2,500 characters
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