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    Financial Planning for Phil and Francis

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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 Preview

    This concept is related to opportunity costs. As per net mba, Opportunity cost is based on what must be given up (the next best alternative) as a result of the decision. Any decision that involves a choice between two or more options ...

    Solution Summary

    Response helps in guiding about the Financial Planning