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Problem 2 See the Table below. Wheat Vietnam 25 Mexico 40 Rice 80 20 Answer the following questions: a) Which country has absolute advantage in production of wheat? In production of rice? Why? b) Calculate opportunity cost of producing 1 kilo of wheat and 1 kilo of rice for Vietnam and for Mexico c) Based on your calculations in question b) what is the best solution: what will Vietnam produce and what will Mexico produce in the future? Why? Explain

Problem 2 See the Table below. Wheat Vietnam 25 Mexico 40 Rice 80 20 Answer the following questions: a) Which country has absolute advantage in production of wheat? In production of rice? Why? b) Calculate opportunity cost of producing 1 kilo of wheat and 1 kilo of rice for Vietnam and for Mexico c) Based on your calculations in question b) what is the best solution: what will Vietnam produce and what will Mexico produce in the future? Why? Explain

Applications and Investigations in Earth Science (9th Edition)
Applications and Investigations in Earth Science (9th Edition)
9th Edition
ISBN:9780134746241
Author:Edward J. Tarbuck, Frederick K. Lutgens, Dennis G. Tasa
Publisher:Edward J. Tarbuck, Frederick K. Lutgens, Dennis G. Tasa
Chapter1: The Study Of Minerals
Section: Chapter Questions
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Problem 2 See the Table below. Wheat Vietnam 25 Mexico 40 Rice 80 20 Answer the following questions: a) Which country has absolute advantage in production of wheat? In production of rice? Why? b) Calculate opportunity cost of producing 1 kilo of wheat and 1 kilo of rice for Vietnam and for Mexico c) Based on your calculations in question b) what is the best solution: what will Vietnam produce and what will Mexico produce in the future? Why? Explain ||
Transcribed Image Text:Problem 2 See the Table below. Wheat Vietnam 25 Mexico 40 Rice 80 20 Answer the following questions: a) Which country has absolute advantage in production of wheat? In production of rice? Why? b) Calculate opportunity cost of producing 1 kilo of wheat and 1 kilo of rice for Vietnam and for Mexico c) Based on your calculations in question b) what is the best solution: what will Vietnam produce and what will Mexico produce in the future? Why? Explain ||
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