explain the comparative advantage and the conditions under which it is beneficial for parties to trade. use an example

Why is it important that the country or region with the lower opportunity cost produce the good? How would you use the concept of comparative advantage to argue for reducing restrictions on trade between countries?

Discuss the opportunity cost you incur for some activity in your life. Additionally, what activity do you feel you have comparative advantage in?

Calculating the comparative advantage. Which of the two countries have absolute advantage, and comparative advantage? What is the opportunity cost of the good??

The United States and Canada both produce cars and beer. The table below shows the production possibilities per worker in each country. For example, one worker in the US produces 8 cars or 10 cans of beer per week.         Labor Force Cars Beer United States 200 8 10 Canada 100 20 14 Which country has a comparative advantage in beer production?   Question 4 options:   United States   Canada

Why is the theory of absolute advantage incapable of explaining trade in the real world? Explain.

If two parties trade based on comparative advantage and both gain, in what range must the price of the trade lie? Give an example

Davis Florist has two employees, Anita and Jerome, and two tasks that need to be completed, floral arrangements and floral delivery. It takes Anita 30 minutes to finish one floral arrangement and 40 minutes to make a delivery. It takes Jerome 10 minutes to finish one floral arrangement and 30 minutes to make a delivery. Each worker works six hours per day. Who has the absolute advantage in making floral arrangements? Who has the absolute advantage in making deliveries? Draw the comparative advantage table. Calculate the opportunity cost of each task for each student. Who has the comparative advantage in floral arrangements? Who has the comparative advantage in deliveries?  Suppose that, initially, both Jerome and Anita spend four hours each day doing floral arrangements and two hours each day doing deliveries. Now suppose they change their tasks, so that each individual does nothing but the task in which she or he has a comparative advantage. How many more floral arrangements and…

Why is comparative advantage more important than absolute advantage in determining whether trade is beneficial?

The United States and Canada both produce cars and beer. The table below shows the production possibilities per worker in each country. For example, one worker in the US produces 8 cars or 10 cans of beer per week.         Labor Force Cars Beer United States 200 8 10 Canada 100 20 14 Which nation has a comparative advantage in car production?   Question 3 options:   United States   Canada