34. Given the following Ricardo-type table shows the labor input required per unit of output in each the two industries in each of the two countries: Steel Cloth 4 days 8 days United Kingdom Germany 6 days 9 days Which one of the following statements is true? a. The United Kingdom has an absolute advantage in both goods and a comparative advantage in cloth. b. The pretrade price ratio in the United Kingdom is 1 steel:2 cloth. c. The United Kingdom has an absolute advantage in neither good but a comparative advantage in steel. d. The pretrade price ratio in Germany is 1 cloth: 1.5 steel.

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.