What goods will each country export/import? Hours of Labor Required to produce X and YCountry ACountry BGood X1512Good Y3010

Answered: export/import

Business

Economics

export/import

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter11: Price And Output Determination: Monopoly And Dominant Firms

Section: Chapter Questions

Problem 1E

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Question

What goods will each country export/import?

Hours of Labor Required to produce X and Y
Country A
Country B
Good X
15
12
Good Y
30
10

Expert Solution

Step 1

A country has comparative advantage in producing a good if opportunity cost of producing that good in terms of another good is lower in that country as compare to the other. This approach is arising due to difference in labour productivity, stated by Ricardian.

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