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ECON 200 Lecture Notes - Wirl, Autarky, Absolute Advantage

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samantharkrah
13 Feb 2023
School
Xavier University
Department
Economics
Course
ECON 200
Professor

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Document Summary

Wirl: absolute advantage: ability to produce a good using fewer resources than other producers. Sh = 40 + 0 = 40 pish. +3 coconuts coconut = 9 + 8 17 coconut / 1 week hank. Tom hank coconuts = 0 + 20 20 coconurs tam thank. Hank: tom has un a. a. in sh and coconut. Law of comparative advantage: a country i individual should specialize in producing the good for which it holds a comparative adv: tom has a comparative advantage in sh, hank has a comparative. Fish = 28 +6 = 34 sh / 1 week. Us is the ability to produce a good namun d advantage in coconuts at lower opp.

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Related Questions

47) Suppose that George and Janet decide they will specialize - George in fish and Janet in coconuts - and then trade with each other for what they want to consume. The range of relative prices that will support complete specialization, expressed as the number of fish for the number of coconuts, is: A) 1 fish / 1 coconut to 1 fish/2 coconuts. B) 2 fish / 1 coconut to 1 fish/2 coconuts. C) 1 fish / 1 coconut to 1 fish/4 coconuts. D) 4 fish / 1 coconut to 1 fish/l coconut. E) 2 fish / 1 coconut to 1 fish / 1 coconut.

48) Suppose that George and Janet decide that specialization is a bad thing, and that it would be better if they shared all of the work equally i.e., each spent half their time fishing and half gathering coconuts. Relative to the situation where George specializes in fish and Janet in coconuts, the overall cost of achieving this form of equality on the island is: A) O fish and 0 coconuts B) 1 coconut C) 2 coconuts D) 1 fish E) 2 fish

41) George has an absolute advantage in: A) fish B) coconuts C) fish and coconuts D) neither fish nor coconuts E) there is no way to tell