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Two countries: Country X and Country Y
Country X can produce either 500 jackets or 250 pairs of jeans
Country Y can produce either 200 jackets or 600 pairs of jeans
A. Who has the absolute advantage for jackets? For jeans?
B. Calculate the opportunity cost for jackets and jeans in both countries
C. If the two countries specialize and trade, which country will import jeans? Explain why
Explain who has a comparative advantage in the production of oranges and who has the advantage in the production of apples. (Show all math involved in your answer)
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Do firms earn accounting profit under perfect competition Do firms earn economic profit Viewing yourself as a firm, would you say that most of your career choices will be made in a competitive market Explain.
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