Table 2-5

-Refer to Table 2-5. This table shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
a.Which country has an absolute advantage in the production of cell phones?
b.Which country has an absolute advantage in the production of lumber?
c.What is Estonia's opportunity cost of producing one cell phone?
d.What is Finland's opportunity cost of producing one cell phone?
e.What is Estonia's opportunity cost of producing one board foot of lumber?
f.What is Finland's opportunity cost of producing one board foot of lumber?
g.If each country specializes in the production of the product in which it has a comparative advantage,who should produce cell phones?
h.If each country specializes in the production of the product in which it has a comparative advantage,who should produce lumber?

Question

Table 2-5
 
-Refer to Table 2-5. This table shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
a.Which country has an absolute advantage in the production of cell phones?
b.Which country has an absolute advantage in the production of lumber?
c.What is Estonia's opportunity cost of producing one cell phone?
d.What is Finland's opportunity cost of producing one cell phone?
e.What is Estonia's opportunity cost of producing one board foot of lumber?
f.What is Finland's opportunity cost of producing one board foot of lumber?
g.If each country specializes in the production of the product in which it has a comparative advantage,who should produce cell phones?
h.If each country specializes in the production of the product in which it has a comparative advantage,who should produce lumber?

Quizplus · Accepted Answer

The Answer of Table 2-5
 
-Refer to Table 2-5. This table shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
a.Which country has an absolute advantage in the production of cell phones?
b.Which country has an absolute advantage in the production of lumber?
c.What is Estonia's opportunity cost of producing one cell phone?
d.What is Finland's opportunity cost of producing one cell phone?
e.What is Estonia's opportunity cost of producing one board foot of lumber?
f.What is Finland's opportunity cost of producing one board foot of lumber?
g.If each country specializes in the production of the product in which it has a comparative advantage,who should produce cell phones?
h.If each country specializes in the production of the product in which it has a comparative advantage,who should produce lumber?

Table 2-5 -Refer to Table 2-5. This Table Shows the Number of Shows