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Base your answers to the problems on this information: In one day, Canada can produce either 200 tonnes of wheat or 90 tonnes of copper ingots. In one day, Chile can produce either 120 tonnes of wheat or 175 tonnes of copper ingots.

a. find out Canada's opportunity cost of one tonne of wheat.
b. find out Chile's opportunity cost of one tonne of copper ingots.
c. Who has a comparative advantage in producing copper ingots? Why?
d. If Canada and Chile specialize, how many tones of wheat and how many tonnes of copper ingots will be produced?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M951323

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