Homework Answers
a) State of Illinois have a comparative advantage in the production of wheat and soybean.
b) the opportunity cost of producing wheat in Illinois = 48/39 = 1.2 soybean and in kansas it is 40/24 = 1.66
As the cost is less in illinois they will produce wheat and kansas will produce soybean.
Illinois has a comparative advantage in wheat and kansas in Soybean.
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Please help me with econ
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2. Suppose that the following table gives recent figures for yield per acre ininois and Kansas: 37 51 42 31 If we assume that farmers in inois and Kansas use the same amount of labor, capital, and fertilizer, which state has an absolute advantage in wheat production and has an absolute advantage in wheat production and (2) has an absolute advantage in soybean production. If we transfer land out of wheat into soybeans, how...
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