reason to expect wages (measured in the same currency) be the same after trade • No barriers to trade in goods • Exports must be equal to imports This
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Actor: Firm, individual, nation, or other participant in the economy Opportunity Cost: The benefit that would have been received by taking the next best
econ-absolute-and-comparative-advantage.pdf
Note: In this example, each producer has the absolute advantage in producing one item: Barry in potatoes and Anna in cabbage That might not be the case in the
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The idea of comparative advantage can be easily elaborated by pointing out that supply, producer surplus is the area defined by BGP2
ap-curricmodmicroecon.pdf
it can produce the same good with fewer resources than the other country A city has a comparative advantage in the production of a good over another city
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Ricardo's Model of Comparative Advantages - Modified Ricardian Theory Relying only on the cost data, we cannot determine the exact position of this
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measurement of comparative advantage Despite its central role in economics, the theory is found to be at an impasse, with its usefulness confined mainly to
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A country has a comparative advantage in producing Leads to different models: Instead, Ricardo shows that countries can benefit from
Econ181Lecture2a.pdf