Answered: Suppose that in an hour an American…

Name: Suppose that in an hour an American worker can produce 200 clothes or
Uploaded: 2022-12-02T21:52:30.000Z
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Description: Suppose that in an hour an American worker can produce 200 clothes or 20 cars, while a brazillian can produce 150 clothes or 10 cars. 1. Who has the absolute advantage in production if clothes 2. Who has the absolute advantage in the production of ca

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that in an hour an American worker can produce 200 clothes or 20 cars, while a brazillian can produce 150 clothes or 10 cars.

1. Who has the absolute advantage in production if clothes

2. Who has the absolute advantage in the production of cars

3. Who has a comparative advantage in the production of clothes

4. Who has a comparative advantage in the production of cars

5. What is the opportunity cost for cars

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

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