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The US, Mexico, and Canada all produce steel and corn. The table below shows the total production for each good if the country specialized in

The US, Mexico, and Canada all produce steel and corn. The table below shows the total production for each good if the country specialized in that good. The units for the opportunity cost of producing corn will be ________("bushels of corn per ton of steel," "tons of steel per bushel of corn.")Fill in the opportunity cost of producing corn (just the value, no units) for each country in the table below. (Include two decimal places.)

Country Steel Corn OC of corn
US 1000 tons 1000 bushels

_______

Mexico 100 tons 500 bushels

________

Canada 700 tons 100 bushels

_________

The US has the absolute advantage in producing ________("neither corn nor steel," "steel and corn," "corn" or "steel.") ________("More than one country," "Canada," "Mexico," or "The US") has a comparative advantage in producing corn. _________ ("More than one country," "Canada," "Mexico," or "The US") has a comparative advantage in producing steel.

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