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The battle between two friends producing lip gloss and bonnets

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The battle between two friends producing lip gloss and bonnets
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  • Hey Alexis! How is your business with the lip gloss and bonnets coming along?
  • Hi Samantha! It's coming along just fine... How about you?
  • That's great! the business is doing good. I make 40 lip gloss per day and 10 bonnets per day.
  • That's awesome! I make 30 lip gloss per day and 15 bonnets per day
  • Wow! well it seems like you have an absolute advantage when producing bonnets and I have an advantage when it comes to producing lipgloss.
  • Yes! but I feel like if we look at our relative prices per lip gloss or bonnet, I bet you will have a comparative advantage.
  • What does that mean?
  • It's basically the relative price of goods, which attributed the cause and benefits of international trade that emerges from exchange and specialization
  • Is it okay if you show me an example of that?
  • Sure! I can use our own numbers of the lip gloss and bonnet production
  • Okay! that sounds good
  • Alright! so we need to calculate the opportunity cost of lip gloss in connection with bonnets, which is 40 lip gloss per day / 10 bonnets per day. That's equals to .25 bonnet per lip gloss.
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