Comparative advantage and opportunity cost
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The opportunity cost of 1 unit of equipment in China U.S. is _____. The opportunity cost of 1 unit of apparel in China is _____. The U.S. has a comparative advantage in _____. Portugal has a comparative advantage in _____. Fill in the table below. Assume that . without trade
[DOC File]Chapter 2 -- Ricardian Model
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d. Define opportunity cost as the next best alternative given up when individuals, businesses, and governments confront scarcity by making choices. SSEF2 . The. student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action. a.
[DOC File]Comparative Advantage and Trade Exercise
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Comparative Advantage. Country A has comparative advantage in good X comparing with country B if country A can produce good X with the lower opportunity cost. Define the formal notation of comparative advantage. Given that aLF is the unit cost required to produce fish, aLC is the unit cost required to produce chips.
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Patty’s opportunity cost of a snowboard is (5 skis)/(10 snowboards), or 0.5 skis per snowboard. Patty’s opportunity cost of a snowboard is lower than Tony’s opportunity cost, so Patty has the comparative advantage. (ii) Tony’s opportunity cost of a ski is (5 snowboards)/(10 skis), or 0.5 snowboards per ski.
[DOCX File]A. Scarcity, choice, and opportunity costs - polk.k12.ga.us
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4. A situation whereby one country can produce a good with lower opportunity cost than another country defines: comparative advantage. absolute advantage. situational advantage. advantage by proxy. 5. One benefit of trade is the improved _____ achieved by specialization according to comparative advantage. equity. efficiency. political stability
[DOC File]Lecture 1 : The Ricardian Model of Comparative Advantage
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A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries. In this way, Trade between two countries can benefit both countries if each country exports the goods in which it has a comparative advantage.
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Teacher prompt: “The following three paragraphs provide an example of comparative advantage. Read the selection carefully.” Question 7: Why is the opportunity cost in the example of China described as “1/2 bicycle” and “2 shirts?” Intended answer: opportunity cost is …
[DOCX File]CHAPTER 2—FOUNDATIONS OF MODERN TRADE THEORY: …
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Comparative advantage is directly related to the opportunity cost concept and production possibilities you learned about in Chapter 1. A nation has a comparative advantage in the production of a product when it can produce the product at a lower domestic opportunity cost than can a trading partner.
Comparative Advantage - Overview, Example and Benefits
119. With increasing opportunity costs, comparative advantage depends on a nation's supply conditions and demand conditions; with constant opportunity costs, comparative advantage depends only on demand conditions.
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