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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.
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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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