24. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in cloth? a) Portugal b) England c) Both d) Neither e) Cannot tell 90England90Portugal8080707060605050PPF40PPF403030202010101020304050601020 30405060clothclothwinewine

Name: 24. Assuming labor is the only resource and England has 60 man-hours (
Uploaded: 2022-12-02T21:52:30.000Z
Channel: Bartleby
Description: 24. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in cloth? a) Portugal b) England c) Both d) Neither e) Cann

As given above Portugal has three times more labor resource than england.

Answered: . Assuming labor is the only resource…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

Practice Pack

24. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in cloth?

		a) Portugal
		b) England
		c) Both
		d) Neither
		e) Cannot tell

90
England
90
Portugal
80
80
70
70
60
60
50
50
PPF
40
PPF
40
30
30
20
20
10
10
10
20
30
40
50
60
10
20 30
40
50
60
cloth
cloth
wine
wine

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Expert Solution

Trending now

This is a popular solution!

Learn your way

Includes step-by-step video

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions