Consider the following Table representing the number of hours to make 1 unit of Soybeans and Textiles in Country A and Country B: B 2 1 S T Match the following prompts: Price of $ in B A 1 2 Price of T in A Who has the comparative disadvantage at T? Who has the absolute advantage at T? What are the per-unit gains from specialization based on absolute advantage in the Textile sector? A Country A 1"wage(A) 15 2*wage(B) 25 Country B

Consider the following Table representing the number of hours to make 1 unit of Soybeans and Textiles in Country A and Country B: B 2 1 S T Match the following prompts: Price of $ in B A 1 2 Price of T in A Who has the comparative disadvantage at T? Who has the absolute advantage at T? What are the per-unit gains from specialization based on absolute advantage in the Textile sector? A Country A 1"wage(A) 15 2*wage(B) 25 Country B

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Solve d and e part

Consider the following Table representing the number of hours to make 1 unit of Soybeans and Textiles in Country A and Country B:
B
2
1
S
T
Match the following prompts:
Price of $ in B
A
1
2
Price of T in A
Who has the comparative disadvantage at T?
Who has the absolute advantage at T?
What are the per-unit gains from specialization based on absolute
advantage in the Textile sector?
A
Country A
1*wage(A)
1$
2*wage(B)
2$
Country B

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Step 1: Define Absolute Advantage and Comparative Advantage in foreign trade.

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Step 3: Determine the per unit gains from specialisation based on absolute advantage in Textiles.

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