Short Answer (8.0score)33. The chart below is the prodution cost of US.and UK.U.S.U.K.Wheat (bushels/labor hour)61Cloth (yards/labor hour)42question: (1) explain the comparative advantageof each nation;(2) what is the gain from trade if thetwo trade for 4 wheat for 4 cloth?

Comparative advantage is the basis for international trade.

33. The chart below is the prodution cost of US. and UK. U.S. U.K. Wheat (bushels/labor hour) 6 1 Cloth (yards/labor hour) 4 2 uestion: (1)explain the comparative advantage f each nation; (2) what is the gain from trade if the o trade for 4 wheat for 4 cloth?

33. The chart below is the prodution cost of US. and UK. U.S. U.K. Wheat (bushels/labor hour) 6 1 Cloth (yards/labor hour) 4 2 uestion: (1)explain the comparative advantage f each nation; (2) what is the gain from trade if the o trade for 4 wheat for 4 cloth?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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