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| Topic: |
Business
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| Number of pages / Number of words: |
7 / 1874 |
Essay's paper body
Without trade, what is the price of white socks (in terms of red socks) in Boston? What is the price in Chicago?
The price = The opportunity cost.
The price of white socks (in terms of red socks) in Boston = 1
The price of white socks (in terms of red socks) in Chicago = 2
B. Which city has an absolute advantage in the production of each color sock? Which city has a comparative advantage in the production of each color sock?
1) Absolute advantage :
The Boston has an absolute advantage both in producing white socks and in producing red socks because it requires less time than the Chicago to produce a unit of either goods...
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Which city has an absolute advantage in the production of each color sock? Which city has a comparative advantage in the production of each color sock?
1) Absolute advantage :
The Boston has an absolute advantage both in producing white socks and in producing red socks because it requires less time than the Chicago to produce a unit of either goods...
Essay fragment
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