The following table shows the total production that can be produced by two countries at 100 workers. Corn production (bushels) 350 Countries Oil production (barrels) Saudi Arabia 500 United States 300 450 a) Which country has an absolute advantage in the production of oil and corn? b) Calculate the opportunity cost of producing one barrel of oil and one bushel of corn in each country. c) According to the principle of comparative advantage, which country should specialize in producing of oil and corn?

The following table shows the total production that can be produced by two countries at 100 workers. Corn production (bushels) 350 Countries Oil production (barrels) Saudi Arabia 500 United States 300 450 a) Which country has an absolute advantage in the production of oil and corn? b) Calculate the opportunity cost of producing one barrel of oil and one bushel of corn in each country. c) According to the principle of comparative advantage, which country should specialize in producing of oil and corn?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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As, this website for free source of tools I do not want also same answers than I can easily copy the answer from here do not need to post my questions asking again please I do not want same answers hope you understand whoever already take this answers we all same professor I think hope you understand I do not same writing even I always change the my writing before summit International Trade (Chapter 20) What is the law of comparative advantage, and why is it important in international trade? Note: please do not give a copy & paste answer from Chegg. or course hero answers already found the website I want new way or writing not highly requesting can u use word file bc a lot of grammar errors in writing or use Grammarly 1. What is the law of comparative advantage, and why is it important in international trade?Expert Answer thumb_down Step 1 Comparative advantage refers to the situation where the ability of one country to produce goods and services less opportunity…
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