In one day, Genovia can produce 1 pear or 350 chairs. Lilliput can produce 100 pears...
In one day, Genovia can produce 1 pear or 350 chairs. Lilliput can produce 100 pears or 1 chair. Which country has the comparative advantage in chairs?
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Genovia |
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Lilliput |
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Not enough information |
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They are tied |
Homework Answers
Answer: Genovia
Production table
| Pear | Chairs | |
| Genovia | 1 | 350 |
| Lilliput | 100 | 1 |
Opportunity cost
| Pear | Chairs | |
| Genovia | 350 chairs | 0.0028 pear |
| Lilliput | 0.01 chairs | 100 pear |
The opportunity cost for Genovia is lesser compared to Liliput to produce a chair. So, Genovia has a comparative advantage in producing chair.
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