Need help with responding to discussion questions
In your responses, comment on the posts of at least two peers whose simulations had different outcomes than your own. Research and provide examples of companies in the news that are relevant to your peers’ comments on the value of comparative advantage for making their business decisions.
Response Needed to these two questions.
1. In running through this, the directions did not work for me to get the graph like they said, as there was not a view results button. The results just popped up on the page, so I will put them in below. Once I started trading, I was able to tinker with my prep times and make more combos, which would help me as a business owner. In order to evaluate everything, you have to consider everything that goes into preparing and selling your combos in this case. Is it worth it to trade some fries in order to save some prep time on burgers and make X amount more combos? If prepping one over the other is much faster, and someone else can prep the other item and trade them to you, then you both can win on this trade.
2. First, let me say that I did not like this at all. I felt like I was buying and sharing stocks at the New York Stock Exchange. It was so fast and I didn't really get to learn what I just did which brings me to my results. Honestly, with me not knowing how to play the simulation in that amount of time, I personally I think I did okay. When competition asked for a trade, I would be making my own trade, and I would accidentally accept the offer when I didn't want to. That put me in the negative as far as fries go (with trade). I was really upset about that. I messed around with the time prep too which kind of helped. Definitely a learning experience. I really wish we could have had 2 chances in order to receive some feedback from the first chance to apply to the second one. A business owner will evaluate opportunity cost and comparative advantage in order to make his business successful. He will have to look at the opportunity cost and comparative advantage of the competitors and then evaluate his own. The production possibility frontier is the graph that helps in understanding the production of two goods using proper resources. PPF identifies the quantity of goods that can be produced effectively with the present resources. This analysis helps in making business decisions regarding specialization and trade.