Boston Chicago Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour 3 6 5 4 Without trade, the price of a pair of white socks (in terms of red socks) in Boston is of red socks. socks. has an absolute advantage in the production of red socks, and of red socks, and in Chicago it is has an absolute advantage in the production of white

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Boston
Chicago
Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour
3
6
5
4
Without trade, the price of a pair of white socks (in terms of red socks) in Boston is
of red socks.
socks.
has an absolute advantage in the production of red socks, and
of red socks, and in Chicago it is
has an absolute advantage in the production of white
Transcribed Image Text:Boston Chicago Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour 3 6 5 4 Without trade, the price of a pair of white socks (in terms of red socks) in Boston is of red socks. socks. has an absolute advantage in the production of red socks, and of red socks, and in Chicago it is has an absolute advantage in the production of white
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