The following table describes the production possibilities of two cities in the country of Baseballia:
Pairs of Red Socks per Worker per Hour | Pairs of White Socks per Worker per Hour | |
---|---|---|
Boston | 3 | 6 |
Chicago | 5 | 4 |
Without trade, the price of a pair of white socks (in terms of red socks) in Boston is (1/2 pair, 2 pairs, 4/5 pair, 1 1/4 pairs) of red socks, and in Chicago it is (1/2 pair, 2 pairs, 4/5 pair, 1 1/4 pairs) of red socks.
(Boston/Chicago) has an absolute advantage in the production of red socks, and (Boston/Chicago) has an absolute advantage in the production of white socks.
(Boston/Chicago) has a comparative advantage in the production of red socks, and (Boston/Chicago) has a comparative advantage in the production of white socks.
If the cities trade with each other, Boston will export (white/red) socks, and Chicago will export (white/red) socks.
The price of white socks can be expressed in terms of red socks. The highest price at which white socks can be traded that would make both cities better off is (1/2 pair, 2 pairs, 4/5 pair, 1 1/4 pairs) of red socks per pair of white socks, and the lowest price that makes both cities better off is (1/2 pair, 2 pairs, 4/5 pair, 1 1/4 pairs) of red socks per pair of white socks
The following table describes the production possibilities of two cities in the country of Baseballia: Pairs...
The following table describes the production possibilities of two cities in the country of Baseballia Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour Boston Chicago 5 4 Without trade, the price of a pair of white socks (in terms of red socks) in Boston is, is of red socks, and in Chicago it of red socks. has an absolute advantage in the production of red socks, and has an absolute advantage in...
The following table describes the production possibilities of two cities in the country of Baseballia Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour 2 Boston Chicago 4 Without trade, the price of a pair of white socks (in terms of red socks) in Boston is is of red socks, and in Chicago it of red socks. has an absolute advantage in the production of red socks, and has an absolute advantage in...
The following table describes the production possibilities of two cities in the country of Baseballa: Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour Boston Chicago Without trade, the price of a pair of white socks (in terms of red socks) in Boston of red socks of red socks, and in Chicago it is has an absolute advantage in the production of red socks, and has an absolute advantage in the production of...
6. Problems and Applications Q6 The following table describes the production possibilities of two cities in the country of Baseballia: Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour Boston 5 2 Chicago 4 3 Without trade, the price of a pair of white socks (in terms of red socks) in Boston is of red socks, and in Chicago it is of red socks. has an absolute advantage in the production of red...
Attempts Average: IS Problems and Applications 26 The following table describes the production possibilities of two aties In the country of Baseballia: Pairs of Red socks per Worker per Hour Pairs of white Socks per Worker per Hour Boston Chicago without trade, the price of a pair of white socks (in terms of red socks) in Boston Is ▼ of red socks, and in Chicago it s of red socks has an absolute advantage in the production of red socks,...
The following table describes the production possibilities of twocities in the country of Baseballia: Pairs of RedSocks Pairs of White Socks per Worker perHour per Worker per Hour Boston 3 3 Chicago 2 1 a. Without trade, what is the price of white socks (in terms of redsocks) in Boston? And, what is the price in Chicago? b.which city has an absolute advantage in the production of each color sock? Which city has a comparative advantage in the production of...
Attempts: Do No Harm: /5 6. Problems and Applications Q6 The following table describes the production possibilities of two cities in the country of Baseballia: Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour Bostorn Chicago 1/2.2. 4/5.181/4 Without trade, the price of a pair of white socks (in terms of red socks) in Boston is of red socks, and in Chicago it is of red socks. 1/2.2. 4/5. 181/4 boston/chicago boston/chicago has...
can you please check my answers and correct if nessacery 4. Problems and Applications Q6 The following table describes the production possibilities of two cities in the country of Baseballia: Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour Boston 2 Chicago 4 Without trade, the price of a pair of white socks (in terms of red socks) in Boston is 1 1/3 pairs ▼ of red socks, and in Chicago it is...
12. Probiems and Applications Q6 The table the Boston Chicago Without trade, the price of a pair of white socks (in terms of red socks) in Boston is red socks. of red socks, and in Chicago it is ▼of has an absolute advantage in the production of red socks, and has an absolute advantage in the production of white socks. has a comparative advantage in the production of red socks, and Y has a comparative advantage in the production of...
I am getting thrown off by absolute advantage:Boston: Red Socks per worker per hour 3White Socks per worker per hour 3Chicago:Red Socks per worker per hour 2White Socks per worker per hour 1A) Without trade, what is the price of white socks (in terms of red socks) in Boston? What is the price in Chicago?This is my answer to this question:Boston:3 White Socks=3 Red Socks1 White Sock=1 Red SockChicago:1 White sock=2 Red Socks.5 White Sock=1 Red SockThe next question is...