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Hello, I have successfully added my answers but I am not sure if they are correct, if they are incorrect, I am asking that you
Hello, I have successfully added my answers but I am not sure if they are correct, if they are incorrect, I am asking that you help me please, thank you.
The following table describes the production possibilities oftwo cities in the countrv of Baseballis: Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour Boston 3 3 Chicago 2 1 Widtout trade, the price of a pair of white socks (in terms of red socks] in Boston is 1 pair 7 of red socks, and in Chicago it is H2 pair v of red socks. Chica '7 has an absolute advantage in the production of red socks, and Chicago V has an absolute advantage in the production of white socks. Boston v has a comparative advantage in the produclion of red socks, and Chicago 7 has a comparative advantage in the production of white socks. If the cities trade with each other, Boston will export white v socks, and Chicago wlll emort red v socks. The price of white socks can be expressed in terms of red scdts. The highest price at which white socks can be traded that would make both cities better off is 1 pair 7 of red socks per pair oiwhite sticksr and the lowest price that makes bout cities better off is 13'2 pair 'III' of red socks per pair of white socks. l"\""'''"'\"\"'_ % current answers are as follows: Blank 1: 1 pair {The other choices are: \"'2 pair or 2 pair}. Blank 2: 12 pair {The other choices are: 1 pair or 2 pair}. Blank 3: Chicago (The outer choice is: Boston}. Blank 4: Chicago (The other choice is: Boston}. Blank 5: Boston (The other choice is: Chicago}. Blank 6: Chicago (The other choice is: Boston). Blank T: White (T he other choice is: Red). Blank 8: Red (T he other choice is: White}. Blank 9: 1 pair (T he other choices are: 16 pair or 2 pair} Blank 10: V2 pair (T he other choices are: 1 pair or 2 pairs)Step by Step Solution
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