Assume our standard model. In any hour, Andreas can knit 5 scarves or 2 hats. In any hour, Katya can knit 6 scarves or 1 hats. What is the opportunity cost of knitting 100 hats (in terms of number of scarves) for the person with the comparative advantage in scarf production? Note: If neither has a comparative advantage, then we can say that both has a comparative advantage.

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Q: What does it mean to have an absolute advantage? What does it mean to have a comparative advantage?

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A: The advantage is the condition that benefits or add a favorable position in the situation.

Q: Assume our standard model. Andreas can knit 4 scarves per hour and 3 hats per hour. Katya can knit…

A: Given: In an hour, Andreas can knit 4 scarves and 3 hats. Katya can knit 12 scarves and 6 hats.

Q: Question attahed in image

A: Answer - Given in the question -

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Q: Is the following statement true or false? Please explain. "Everyone has a comparative advantage."

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A: Comparative advantage refers to the ability of the country or an individual to produce the good at a…

Q: Distinguish between absolute advantage and comparative advantage

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A:

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A: Comparative advantage occurs when a person or a country can produce the good at a lower opportunity…

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A:

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