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One person-day of labor produces:

China 9 rice 3 computers
India 4 rice 2 computers

a) Does any country have an absolute advantage? If so, which one?
b) For India, what is the resource (or opportunity) cost of rice (R) in terms of computers (C), and C in terms of R?
c) For China, what is the resource (or opportunity) cost of R in terms of C, and C in terms of R?
d) Which country has a comparative advantage in what product?
e) Under what terms of trade will mutually beneficial trade occur?

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9494061

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