ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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socks. Boston socks. Chicago Without trade, the price of a pair of white socks (in terms of red socks) in Boston is red socks. Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour 3 3 2 1 has an absolute advantage in the production of red socks, and has a comparative advantage in the production of red socks, and If the cities trade with each other, Boston will export of red socks, and in Chicago it is has an absolute advantage in the production of white socks, and Chicago will export has a comparative advantage in the production of white of socks. The price of white socks can be expressed in terms of red socks. The highest price at which white socks can be traded that would make both cities better off is of red socks per pair of white socks, and the lowest price that makes both cities better off is of red socks per pair of white socks.

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Boston
Chicago
socks
Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour
without trade, the price of a pair of white socks (in terms of red socks) in Boston is
has an absolute advantage in the production of red socks, and
has a comparative advantage in the reduction of red socks, and
If the cities trade with each other, Boston will export
of red socks, and in Chicago it is
has an absolute advantage in the production of white
has a comparative advantage in the production of white
socks, and Chicago will export
socks
The price of white socks can be expressed in terms of red socks. The highest price at which white socks can be traded that would make both cities
better off is
of red socks per pair of white socks, and the lowest price that makes both oties better off is
of red socks per
pair of white socks
expand button
Transcribed Image Text:Boston Chicago socks Pairs of Red Socks per Worker per Hour Pairs of White Socks per Worker per Hour without trade, the price of a pair of white socks (in terms of red socks) in Boston is has an absolute advantage in the production of red socks, and has a comparative advantage in the reduction of red socks, and If the cities trade with each other, Boston will export of red socks, and in Chicago it is has an absolute advantage in the production of white has a comparative advantage in the production of white socks, and Chicago will export socks The price of white socks can be expressed in terms of red socks. The highest price at which white socks can be traded that would make both cities better off is of red socks per pair of white socks, and the lowest price that makes both oties better off is of red socks per pair of white socks
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