Suppose that Sheldon and Leonard can either run errands or wash dishes. The time it takes each of them to accomplish one of these jobs is given in the following table. Given the same quantity of resources (one hour of time) and assuming no breaks for either one, how will they specialize and what terms of trade can they both agree on?
Run an errand Wash a Dish
Sheldon 60 minutes 1 minute
Leonard 20 minutes 2 minutes
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