Maximum Production Possibilities for Iceland and Italy: Iceland Italy Fish 500 lbs 250 lbs Leather Shoes 2000 prs 2500 pairs 1 year of labor by one worker in Iceland can either produce 500 pounds of fish or 2000 pairs of leather shoes 1 year of labor in Italy can either produce 250 pounds of fish or 2500 pairs of leather shoes What is the opportunity cost in Iceland for producing 1 pound of fish? What is the opportunity cost in Iceland for producing 1 pair of leather shoes? What is the opportunity cost in Italy for producing 1 pound of fish? What is the opportunity cost in Italy for producing 1 pair of leather shoes? What country has absolute advantage in fish? Which country has absolute advantage in leather shoes? Which country has comparative advantage in fish? Which country has comparative advantage in leather shoes? What would you recommend Iceland to produce? What would you recommend Italy to produce