Per Winter Hat   US $10.00   Russia 5,000 Rubles  Per Bushel of Wheat   US $1.00  Russia 2,500 Rubles   a. What is the opportunity cost of producing one more winter hat in the US? In Russia? b. What is the opportunity cost of producing one more bushel of wheat in the US? In Russia? c. Which country has a comparative advantage in winter hats? In wheat?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.