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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40 pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has the absolute advantage in producing autos? What is the opportunity cost of producing one pound of beef In Brazil? What is the opportunity cost of producing one pound of beef in the United States?

To determine

To state: The absolute advantage both in beef and auto among the two countries. The opportunity cost of producing 1 pound of beef in Brazil and United States.

Explanation

The given information is below:

    CountryBeefAutos
    Brazil  100 pounds  10
    United States  40 pounds  30

Now, for knowing the advantage, the following table is made:

    CountryBeefAutos
    Brazil  1 pound beef=0

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