Which nation has an absolute advantage in the production of each good? Farway has an absolute advantage in the production of fish. Farway has an absolute advantage in the production of coconuts. Which nation has a comparative advantage in the production of each good? Farway has a comparative advantage in the production of fish. Nearway has a comparative advantage in the production of coconuts. Assume that Nearway and Farway completely specialize according to their comparative advantage and decide to trade. Using what you have learned from above, fill in the blanks in the table below. Fish Coconuts Nearway Farway Nearway Farway 100 150 200 225 Chosen Production Combination without Trade Specialization: Production with Trade 0 300 400 0 0 100 160 0 Traded Goods Post-Trade Consumption Gains from Trade Which nation has an absolute advantage in the production of each good? Farway has an absolute advantage in the production of fish. Farway has an absolute advantage in the production of coconuts. Which nation has a comparative advantage in the production of each good? Farway has a comparative advantage in the production of fish. Nearway has a comparative advantage in the production of coconuts. Assume that Nearway and Farway completely specialize according to their comparative advantage and decide to trade. Using what you have learned from above, fill in the blanks in the table below. Fish Coconuts Nearway Farway Nearway Farway 100 150 200 225 Chosen Production Combination without Trade Specialization: Production with Trade 0 300 400 0 0 100 160 0 Traded Goods Post-Trade Consumption Gains from Trade