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Business MicroEconomics Problem

Question # 00033416
Subject: Economics
Due on: 11/26/2014
Posted On: 11/25/2014 11:32 PM

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1. Using the data in the table, answer the following question:
Points on
Production
Possibilitie
s Frontier
A
B
C
D

Canada
Good X
150
100
50
0

Canada
Good Y
0
25
50
75

Italy Good X
90
60
30
0

Italy Good Y
0
60
120
180

a. For which good does Canada have a comparative advantage?
b. For which good does Italy have a comparative advantage?
c. What might be a set of favorable terms of trade for the two countries? 
d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.

Tags problem microeconomics busine good does case comparative favorable italy terms advantagec countriesnbspd specializationtrade thenbspnospecializationnotrade better countries advantageb prove trade canada following questionpoints answer table data onproductionpoibilities frontierabcdcanadagood y060120180a x9060300italy y0255075italy x150100500canadagood using

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Business MicroEconomics Problem Solution

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Posted On: 11/25/2014 11:33 PM
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Preview: a xxxxxxxxxxx advantage xx the production xx goods X xx Canada, xxx xxxxxxxxxxx cost xx producing 1 xxxx of X xx 1/2Y xx xxxxxx the xxxxxxxxxxx cost of xxxxxxxxx 1 unit xx X xx xx Since xxxxxx can produce xxxx X at xxxxx opportunity xxxx xxxx Italy xxxx Canada has x comparative advantage xx the xxxxxxxxxx xx good x (b) Italy xxx a comparative xxxxxxxxx in xxx xxxxxxxxxx of xxxx Y In xxxxxx the opportunity xxxx of xxxxxxxxx x unit xx Y is xxxx In Canada, xxx opportunity xxxx xx.....
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