Specialization or Self-Sufficient
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As a manager of a financial planning business you have two financial planners, Phil and Francis. In an hour, Phil can produce either one financial statement or answer 8 phone calls, while Francis can either produce 4 financial statements or answer 10 phone calls. Does either person have an absolute advantage in producing both products? Should these two planners be self-sufficient (each producing statements and answering phones) or specialize? Be sure to show your work.
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Solution Summary
This solution compares the Production Possibility Frontier (PPF) for Phil and Francis in a PPF curve and gives recommendations if they should be self-sufficient or specialized.
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