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Micro 1.4-PPF, Absolute Advantage, Opp. Cost
By Michael Burbine
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Last updated over 1 year ago
6 questions
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For the following, assume producer 1 uses technology 1 and producer 2 uses technology 2.
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Question 1
1.
Who has absolute advantage in cloth? Explain.
Question 2
2.
Who has absolute advantage in wine? Explain.
Question 3
3.
What is the opportunity cost for France to make 1 Cloth?
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Question 4
4.
Which technology method has the absolute advantage in Good 1? Explain.
Question 5
5.
Which technology method has the absolute advantage in Good 2? Explain.
Question 6
6.
What is the per unit opportunity cost for Technology 2 to move from B' to D'?
