Andrew and Beth can each spend 10 hours a day making bread or making shoes. Andrew makes 2 shoes an hour and Beth 3 shoes an hour. Andrew can bake 10 loaves an hour and Beth 9 loaves an hour. Who has the absolute advantage in making shoes? A (ndrew) or B (eth)?

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A: Opportunity cost is the ratio of loss in scarves and gain in corn.

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A: Opportunity cost = units sacrificed/units gained

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Q: Who has the comparative advantage in the production of good x ?

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A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

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A: Answer is given below

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.