Please answer parts i and ii (b) Assuming that there are only two nations in the world, Africa and the USA, eachnation produces gold (G) and corn (C). Also assume that labor is the only factor ofproduction. The table below shows how much of each good a country can produceusing one hour of labor time.AFRICAUSAGASOLINE (barrels/hr)CORN (tonnes/hr)50153025I.Identify which country has the Absolute Advantage and Disadvantage in each good.Justify your answer.II.Identify which country has the Comparative Advantage and Disadvantage in eachgood. Justify your answer.

Name: Please answer parts i and ii (b) Assuming that there are only two nati
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Description: Please answer parts i and ii (b) Assuming that there are only two nations in the world, Africa and the USA, eachnation produces gold (G) and corn (C). Also assume that labor is the only factor ofproduction. The table below shows how much of each good

Absolute advantage is described as a comparison in the productivity of a firm, individual, or nation…

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Economics

AFRICA USA GASOLINE (barrels/hr) CORN (tonnes/hr) 50 15 30 25 I.Identify which country has the Absolute Advantage and Disadvantage in each good. Justify your answer. II.Identify which country has the Comparative Advantage and Disadvantage in each good. Justify your answer.

AFRICA USA GASOLINE (barrels/hr) CORN (tonnes/hr) 50 15 30 25 I.Identify which country has the Absolute Advantage and Disadvantage in each good. Justify your answer. II.Identify which country has the Comparative Advantage and Disadvantage in each good. Justify your answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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