Comparative Advantage and Specialization: Though House has the absolute advantage in running tests and exotic diagnoses, his team has the comparative advantage in running tests. Thus, there are gains from trade as each party specializes.
DVD Location: Season 5, "The Greater Good", Episode 14
Showing posts with label Comparative Advantage. Show all posts
Showing posts with label Comparative Advantage. Show all posts
Opportunity cost; comparative advantage; consumer surplus: While unclogging the sink, the father realizes he is late for a meeting. His son volunteers (for $50) to fix the sink rather than his father hiring a plumber. The father agrees and he admits he would have paid more.
DVD Location: Season 1, "Mascot Love", 3:13-4:29