a) Which country has absolute advantage in producing steel? Why? b) Which country has absolute advantage in producing corn? Why? c) What is the opportunity cost of producing a steel in Russia? What about corn?
Refer to table below, answer questions
Russia China
Stee Corn Steel Corn
30 0 60 0
20 10 40 10
10 20 20 20
0 30 0 30
a) Which country has absolute advantage in producing steel? Why?
b) Which country has absolute advantage in producing corn? Why?
c) What is the
d) What is the opportunity cost of producing a steel in China? What about corn?
e) Which country has
f) Which country has comparative advantage in producing corn?
g) Draw the
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