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Suppose that Canada can produce 1000 tons of wheat or 500 tons of steel, and that Brazil can produce 750 tons of wheat or 1350 tons of steel.

a. What is the opportunity cost of 1 unit of wheat in Canada? Show your work.
b. What is the opportunity cost of 1 unit of steel in Brazil? Show your work.
c. Which country has a comparative advantage in producing steel? describe why.
d. Suppose that trade takes place between Canada and Brazil. Which good will Brazil import from Canada? describe why.

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M973488

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