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Business
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| Number of pages / Number of words: |
3 / 753 |
Essay's paper body
By using the theory of comparative advantage, both countries can gain from specialization and trade.
Table 2 Opportunity costs
Opportunity cost
Country 1 unit of wheat 1 unit of cloth
Australia 0.5 (10/20)
units of cloth 2 (20/10)
units of wheat
China 1 (5/5)
units of cloth 1 (5/5)
units of wheat
From Table 2:
- Australia has a comparative advantage in the production of wheat since it has to give up only 0...
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By using the theory of comparative advantage, both countries can gain from specialization and trade.
Table 2 Opportunity costs
Opportunity cost
Country 1 unit of wheat 1 unit of cloth
Australia 0.5 (10/20)
units of cloth 2 (20/10)
units of wheat
China 1 (5/5)
units of cloth 1 (5/5)
units of wheat
From Table 2:
- Australia has a comparative advantage in the production of wheat since it has to give up only 0...
Essay fragment
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