16.22. The United States and Switzerland both produce automobiles and watches. The labor required to produce a

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16.22. The United States and Switzerland both produce automobiles and watches. The labor required to produce a unit of each product is shown in the following table:

U.S. and Swiss Labor Requirements Automobiles (labor- Watches (laborhours per unit) hours per unit)

United States 5 50 Switzerland 20 60 MRSx, y " 3y/x.

a) Which country has an absolute advantage in the production of watches? In the production of automobiles?

b) Which country has a comparative advantage in the production of watches? in the production of automobiles?

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Microeconomics

ISBN: 9780470563588

4th Edition

Authors: David Besanko, Ronald Braeutigam

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Question Posted: Oct 15, 2024 05:03 AM

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16.22. The United States and Switzerland both produce automobiles and watches. The labor required to produce a

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Microeconomics

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