Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Table shows the number of hours of labor required to produce 1 unit of output of computers and cotton in England and France. a)......... has
Table shows the number of hours of labor required to produce 1 unit of output of computers and cotton in England and France.
a)......... has an absolute advantage in computers. (5p)
b).......... has an absolute advantage in cotton. (5p)
c)......... has a comparative advantage in computers. (5p)
d)......... has a comparative advantage in cotton. (5p)
e)Price ratio( computers/cotton) should be between ............. and ............. for free trade. (5p)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started