i. ii. iii. USA Guyana Wheat Lumber =0, Wheat = 900 Lumber Lumber =300, Wheat = 0 Lumber 0, Wheat = 1000 Lumber =200, Wheat = 0 Which country has the absolute advantage in wheat production? Which country has the absolute advantage in Lumber production? What is the opportunity cost of one more unit of Lumber in Country A?

i. ii. iii. USA Guyana Wheat Lumber =0, Wheat = 900 Lumber Lumber =300, Wheat = 0 Lumber 0, Wheat = 1000 Lumber =200, Wheat = 0 Which country has the absolute advantage in wheat production? Which country has the absolute advantage in Lumber production? What is the opportunity cost of one more unit of Lumber in Country A?

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter2: Some Tools Of The Economist

Section: Chapter Questions

Problem 7CQ

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