Explain the comparative advantage based on illustration below

ENGR.ECONOMIC ANALYSIS
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a. Explain the comparative advantage based on illustration below?

Laptop
Tablet
Output Per Hour of Labor
United States
4
6
China
1
5
Transcribed Image Text:Laptop Tablet Output Per Hour of Labor United States 4 6 China 1 5
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Meaning of Opportunity Cost:

The term opportunity cost refers to the situation under which the previous benefits get declined in order to attain another, thus it is seeking the best opportunity for better and benefited cost. Therefore the opportunity cost is also known as the next best alternative.

 

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