Explain comaprative advantage in the production

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Reference no: EM13178731

economists believe that when two countries specialize and trade , each will be able to buy goods in which the other specializes at a lower cost than it would take to produce these goods itself.

the following graphs shows the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce tea and potatoes, and each initially produces 24mil pounds of tea and 16mil pounds of potatoes before specialization and trade as indicated by grey stars marked A.

Freedonia has a comaprative advantage in the production of ________, while sylvania has a comparative advantage in the production of ______. Suppose that Freedonia and Sylvania specialize in the production of the goods for which each has a comparative advantage. together the two countries can produce _______pounds of tea and ________ pounds of potatoes.v

the graph shows the ppf for freedonia. where do i put the black point on the graph to indicate freedonias consumption after trade. as well as for sylvania

Reference no: EM13178731

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