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Posted: May 18th, 2023

Suppose Mary and Kate both can produce cookies and muffins

This question has four parts [a, b,c, and d], each of which counts for 2 points. Answer each question inthe text box provided. All parts of the question relate to the following information:Suppose Mary and Kate both can produce cookies and muffins. Suppose thy have the followingproduction possibility frontiers:Question 1: What is Maryâs opportunity cost of one muffin? Explain in one sentence.Question 2: What is Kateâs opportunity cost of one muffin? Explain in one sentence.Question 3: Who has a comparative advantage in making cookies? Explain in one sentence.Question 4: If Mary and Kate trade foods with each other, who will trade away muffins in exchange forcookies. Explain in one sentence.

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