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Opportunity cost of one ton of wheat in canada

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Suppose Canada can produce 1,500 tons of wheat or 500 tons of steel, and Brazil can produce 1,000 tons of wheat or 1,500 tons of steel.

a. What is the opportunity cost of one ton of wheat in Canada? Show your work.

b. What is the opportunity cost of one ton of steel in Brazil? Show your work.

c. Which country has a comparative advantage in producing steel? Explain why.

d. Suppose that trade takes place between Canada and Brazil. Which good will Brazil import from Canada? Explain why.

Reference no: EM132506995

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