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Mexican and Chinese workers can each produce 4 boats a year. A Mexican worker can produce 20 tons of flour a year, whereas a Chinese worker can produce 25 tons of flour a year. To keep things simple, assume that each country has 100 million workers.
For this situation, construct a table reproducing the production opportunities of the Mexican and Chinese workers.
Graph the production possibilities frontier of the Mexican and Chinese economies.
For Mexico, what is the opportunity cost of a boat? Of flour? Put this information in a table.
Which country has an absolute advantage in producing boats? In producing flour?
Which country has a comparative advantage in producing boats? In producing flour?
In which good shall each country specialize in? Why?
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