2. Given the information in the table below; Unit Labor Requirements Cloth Widgets Home 100 300 Foreign 60 30 a) What is the opportunity cost of Cloth in terms of Widgets in Foreign? b) What is the opportunity cost of Widgets in terms of Cloth in Home? c) Suppose Padoth= $250 and Pwidgets = $90; what is the wage rate in both industries in both countries?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.