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1. Wendy can produce either 10 units of food or 5 units of cloth per day.
Wendy's opportunity cost of 1 unit of food = (5 units of cloth / 10 units of food)
Wendy's opportunity cost of 1 unit of food = 0.5 units of cloth per unit of food.
Wendy's opportunity cost of 1 unit of cloth = (10 units of food / 5 units of food)
Wendy's opportunity cost of 1 unit of cloth = 2 units of food per unit of cloth.
| Wendy's Opportunity Cost | |
| To get 1 more | Opportunity cost |
| Food | 0.5 units of cloth |
| Cloth | 2 units of food |
Calvin can produce either 3 units of food or 4 units of cloth.
Calvin's opportunity cost of 1 unit of food = (4 units of cloth / 3 units of food)
Calvin's opportunity cost of 1 unit of food = 1.33 units of cloth per unit of food.
Calvin's opportunity cost of 1 unit of cloth = (3 units of food / 4 units of cloth)
Calvin's opportunity cost of 1 unit of cloth = 0.75 units of food per unit of cloth
| Calvin's Opportunity Cost | |
| To get 1 more | Opportunity cost |
| Food | 1.33 units of cloth |
| Cloth | 0.75 units of food |
2. Wendy's opportunity cost of 1 unit of food is lower than Calvin's opportunity cost of 1 unit of food. It means Wendy has comparative advantage in the production of food and should specialize in the production of food.
Calvin's opportunity cost of 1 unit of cloth is lower than Wendy's opportunity cost of 1 unit of cloth. It means Calvin has comparative advantage in the production of cloth and should specialize in the production of cloth.
| comparative advantage in | should specialize in | |
| Wendy | Food | Food |
| Calvin | Cloth | Cloth |
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