2. Comparative Advantage Continue using the information about Timothy and John from the previous question. ______________...
2. Comparative Advantage
Continue using the information about Timothy and John from the previous question. ______________ has the comparative advantage in producing shoes and _____________ has the comparative advantage in producing clothes.
A) None of the other answers are correct
B) John, Timothy
C) John, John
D) Timothy, Timothy
E) Timothy, John
Homework Answers
E) Timothy, John
Explanation:
For Timothy, the opportunity cost of 1 pair of shoes = 4/2 = 2 pair of clothes.
For Timothy, the opportunity cost of 1 pair of clothes = 2/4 = 0.5 pair of shoes.
For John, the opportunity cost of 1 pair of shoes = 5 pair of clothes.
For John, the opportunity cost of 1 pair of clothes = 1/5 = 0.2 pair of shoes.
So, Timothy has a lower opportunity cost in the production of shoes i..e Timothy has a comparative advantage in shoes.
So, John has a lower opportunity cost in the production of clothes i..e John has a comparative advantage in clothes.
Add Answer to:
2. Comparative Advantage
Continue using the information about Timothy and John from the
previous question. ______________...
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