What is the opportunity cost of wheat in each country

Reference no: EM133486758

Case: Use the information in the table below to answer the following questions. For each question, show how you got the answer.

Production per unit of labor (L)

U.S.

Argentina

Wheat

Beef

200

100

Question 1: Does either country have an absolute advantage in the production of wheat or beef? Explain.

Question 2: What is the opportunity cost of wheat in each country?

Question 3: What is the opportunity cost of beef in each country?

Question 4: Analyze comparative advantage and opportunities for trade between the U.S. and Argentina.

Reference no: EM133486758

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