John and Tracy are two woodworkers who both make tables and chairs, In one month, John can make 3tables or 18 chairs, whereas Tracy can make 8 tables or 24 chairs. Given this, we know that Select one: a. Tracy has an absolute advantage in chairs. b.John has an absolute advantage in chairs C.John has a comparative advantage in tables. d.Tracy has a comparative advantage in chairs.

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
Problem 2QQ
icon
Related questions
Question
Practice Pack
25 Introduction to Economics Please solve it very quickly ????
John and Tracy are two woodworkers who both make tables and chairs, In one month, John can make 3itables or 18 chairs, whereas Tracy can make 8 tables or 24
chairs. Given this, we know that
Select one:
a. Tracy has an absolute advantage in chairs.
b.John has an absolute advantage in chairs.
C.John has a comparative advantage in tables.
d.Tracy has a comparative advantage in chairs.
Jump to
Transcribed Image Text:John and Tracy are two woodworkers who both make tables and chairs, In one month, John can make 3itables or 18 chairs, whereas Tracy can make 8 tables or 24 chairs. Given this, we know that Select one: a. Tracy has an absolute advantage in chairs. b.John has an absolute advantage in chairs. C.John has a comparative advantage in tables. d.Tracy has a comparative advantage in chairs. Jump to
Expert Solution
video

Learn your way

Includes step-by-step video

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Benefits in percentage and absolute terms
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Microeconomics
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781305971509
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning