When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Candonia and Lamponia. Both countries produce lemons and tea, each initially (i.e., before specialization and trade) producing 6 million pounds of lemons and 3 million pounds of tea, as indicated by the grey stars marked with the letter A. Candonia Lamponia 16 18 14 14 12 12 PPF 10 10 PPF 8 10 12 14 LEMONS (Millions of pounds) 4 0 8 10 12 LEMONS (Millions of pounds) 2 18 2 14 18 while Lamponia has a comparative advantage in the . Suppose that Candonia and Lamponia specialize in the production of the goods in which each has a Candonia has a comparative advantage in the production of lemons production of tea comparative advantage. After specialization, the two countries can produce a total of 12 million pounds of lemons and 12 million pounds of tea. co 2. TEA (Millions of pounds) co TEA (Millions of pounds)

When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Candonia and Lamponia. Both countries produce lemons and tea, each initially (i.e., before specialization and trade) producing 6 million pounds of lemons and 3 million pounds of tea, as indicated by the grey stars marked with the letter A. Candonia Lamponia 16 18 14 14 12 12 PPF 10 10 PPF 8 10 12 14 LEMONS (Millions of pounds) 4 0 8 10 12 LEMONS (Millions of pounds) 2 18 2 14 18 while Lamponia has a comparative advantage in the . Suppose that Candonia and Lamponia specialize in the production of the goods in which each has a Candonia has a comparative advantage in the production of lemons production of tea comparative advantage. After specialization, the two countries can produce a total of 12 million pounds of lemons and 12 million pounds of tea. co 2. TEA (Millions of pounds) co TEA (Millions of pounds)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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