Homework Help: Economics

Posted by Onessa on Wednesday, December 9, 2009 at 2:32am.

(Absolute and Comparative Advantage) You have been given the following information concerning the production of wheat and cloth in the United States and United Kingdom:
Labor Hours Required to Produce One Unit
United Kingdom United States
Wheat 2 1
Cloth 6 5
What is the opportunity cost of producing a unit of wheat in the United Kingdom? the United States?

Economics - economyst, Wednesday, December 9, 2009 at 11:15am
In the UK it costs 6 cloth to get 2 wheat. Ergo, cost for 1 wheat is 3 cloth. In US it cost 5 cloth to get 1 wheat.

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