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Please explain the concepts of Comparative and Absolute Advantage. If the USA and Canada are considering to trade and there are only two goods in the...
Please explain the concepts of Comparative and Absolute Advantage.If the USA and Canada are considering to trade and there are only two goods in the economy: wheat and corn. The US can produce 4 units of wheat or 2 units of corn, where Canada can produce 5 units of wheat or 8 units of corn in a given year, which country should produce wheat? Why? In this example, if the US could produces one unit of corn, then it would have to give up 2 units of wheat.Please explain how trade affect the production possibilities frontier?What other factors can expand the production possibilities fronteir?Give an argument for or against trade base above two questions.I can not further clarify my questions, I think the request is pretty clear. Thanks!
Comparative advantage or competitive advantage is an extremely important element ofsustaining competition. It helps an organization be able to sustain in the long run and so it isvery important...