American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. A) For the United States, what is the opportunity cost of one car? Of one ton of grain? B) For Japan, what is the opportunity cost of one car? Of one ton of grain? C) Which country has an absolute advantage in producing cars? In producing grain? D) Which country has a comparative advantage in producing cars? In producing grain?

American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. A) For the United States, what is the opportunity cost of one car? Of one ton of grain? B) For Japan, what is the opportunity cost of one car? Of one ton of grain? C) Which country has an absolute advantage in producing cars? In producing grain? D) Which country has a comparative advantage in producing cars? In producing grain?

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Description: American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million worker

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 26EQ

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