Labor Minutes Required to Produce One Unit

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September 11, 2020
Compare all three in detail Make a chart of the four Ps I expect this section to be quite extensive .
September 11, 2020
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Labor Minutes Required to Produce One Unit

Labor Hours Required to Produce One Unit

Labor Hours Required to Produce One Unit

Question

Subject: Microeconomics

Example A:

Labor Hours Required to Produce One Unit

Coffee Wine

Argentina 4 8

Columbia 1 12

  1. Which country has an absolute advantage in wine?
  2. Which country has an absolute advantage in coffee?
  3. What is the opportunity cost of wine in each country?
  4. What is the opportunity costs of coffee in each country?
  5. Which country has a comparative advantage in wine?
  6. Which country has a comparative advantage in coffee?

Example B:

Labor Minutes Required to Produce One Unit

Germany Poland

Meat 40 min. 90 min.

Potatoes 10 min. 30 min.

  1. Which country has an absolute advantage in meat?
  2. Which country has an absolute advantage in potatoes?
  3. What is the opportunity cost of meat in each country?
  4. What is the opportunity costs of potatoes in each country?
  5. Which country has a comparative advantage in meat?
  6. Which country has a comparative advantage in potatoes?

Example C

If Jason can wash a car in 15 minutes and wash a dog in 15 minutes, and Megan can wash a car in 20 minutes and wash a dog in 10 minutes, who has an absolute advantage in each? Who has a comparative advantage in each?

Example D

Don can produce 10 pens or 20 pencils in one hour while Bob can produce 5 pencils or 15 pens in one hour.Who has an absolute advantage in each? Who has a comparative advantage in each?

Labor Hours Required to Produce One Unit

 

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