1. Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can produce 7,523 units of Food or 17,853 units of Fuel using a labour force of 8000. Japan can produce 5,733 units of Food or 24,156 units of Fuel using a labour force of 5000. a) Which country has the comparative advantage in food? In fuel? Explain. b) Which good(s) should each country specialize in? c) Discuss the benefits of specialization for each country.

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Q: Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can produce 7,523…

A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

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A: Because Portugal has more mnhrs than England,It will have absolute advantage.

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A: Comparative advantage depends on opportunity cost

Q: 1. Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can produce 7,523…

A: (a) and (b)

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A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: Hi! Thanks for the question but as per the guidelines, we can answer only one question up to three…

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