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Costs of production and comparative advantage

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Reference no: EM132422718

Assume that Juan can either produce 15 cameras or 60 sweaters in a day, while Margo can either produce 10 cameras or 50 sweaters in a day. Who has an absolute advantage in each good? Who has a comparative advantage in each good? Why does the person have a comparative advantage? (Fully explain how you determined your answer.) What is the trading range between Juan and Margo? Explain what the range means.

Skills

  • Explain absolute advantage, comparative advantage, opportunity costs, and gains of trade when a country specializes.
  • Evaluate the relationship between the costs of production and comparative advantage.

Reference no: EM132422718

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