Assume that each person produces their his/her own food as per the table below. Each person can work for 9 hours in a day. person bread cheese wine Tina 4 /hr 3 /hr 1 /hr Eric 2 /hr 2 /hr 2 /hr Emilia 3 /hr 3 /hr 1 /hr Who has the absolute advantage for each good? Who has the comparative advantage for each good?

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains Rrom Trade
Section3.2: Comparative Advantage: The Driving Force Of Specialization
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Assume that each person produces their his/her own food as per the table below. Each person can work for 9 hours in a day.

person bread cheese wine
Tina 4 /hr 3 /hr 1 /hr
Eric 2 /hr 2 /hr 2 /hr
Emilia 3 /hr 3 /hr 1 /hr

Who has the absolute advantage for each good?

Who has the comparative advantage for each good?

 

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