Homework Answers
If Mary can bake a cake at a lower opportunity cost than Sarah,then Mary has a comparative advantage in baking cakes as it takes less resources for Mary to bake a cake than Sarah.
Option(C)
If Mary can bake more cakes in one day than Sarah can bake in one day then,Mary has an absolute advantage in baking cakes as Mary is baking more cakes than Sarah.
Option(A)
Germany's opportunity cost to produce steel is 2/9 or 0.22 computer and to produce computer is 9/2 or 4.5 steel whereas SK's opportunity cost to produce steel is 2/4 or 0.5 computer and to computer is 4/2 or 2 steel which means that Germany has a lower opportunity cost in producing steel and SK has a lower opportunity cost in producing computer
So,Germany should specialize in steel production,export steel and import computers.
Option(B)
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If Mary can bake a cake at a lower opportunity cost than Sarah can, then: Mary...
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means that it can produce this good at a lower opportunity cost
than its trading partner. Because of this comparative advantage,
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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
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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.
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of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
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other.The following graphs show the production possibilities frontiers
(PPFs) for Maldonia and Lamponia. Both countries produce potatoes
and coffee, each initially (i.e., before specialization and trade)
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