Discuss comparative advantage in the production of two goods

Reference no: EM131484785

Question: The following example gives you practice in determining which country has the comparative advantage in the production of two goods, jewelry and fish.

These numbers represent the hours it takes to catch 1 unit of fish (in tons) and to make 1 unit of jewelry (measured in utes).

a Which country, if any, has the comparative advantage in producing which good? (Hint: you must find the internal opportunity cost of producing each good in each country and then find which country produces which good most cheaply.)

b What "price," or better what range of prices, would be advantageous to both countries such that they would be willing to trade? This price will be in physical units.

Reference no: EM131484785

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