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Use the information in the table below to answer the following problems.

production per unit of labor:
U.S. Argentina
Wheat 300 20
Beef 100 20

(a) Does either country have an absolute advantage in the production of wheat or beef? describe.

(b) What is the opportunity cost of wheat in each country?

(c) What is the opportunity cost of beef in each country?

(d) Analyze comparative advantage and opportunities for trade between the U.S. and Argentina.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939174

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