Suppose there are two countries and two goods- Country S Country F 10 labor hrs/unit of output Grapes Honey 12 5 a. Which country has an absolute advantage in grapes? In honey? b. Can the countries specialize according to absolute advantage? Why? If not, can they specialize on the basis of comparative advantage? If so, c. Specify the directions of comparative advantage. d. What are the per unit of output gains/losses from specialization in this case? why?

Suppose there are two countries and two goods- Country S Country F 10 labor hrs/unit of output Grapes Honey 12 5 a. Which country has an absolute advantage in grapes? In honey? b. Can the countries specialize according to absolute advantage? Why? If not, can they specialize on the basis of comparative advantage? If so, c. Specify the directions of comparative advantage. d. What are the per unit of output gains/losses from specialization in this case? why?

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Description: Answer all 4 part I will give 4 like from different different account Suppose there are two countries and two goods-Country SCountry F10 labor hrs/unit of outputGrapesHoney125a. Which country has an absolute advantage in grapes? In honey?b. Can the c

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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