Steel (millions of tons) 20 10 0 Country A Production possibilition curve 10 20 30 40 Chemicale (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 40 30 20 10- 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. country A has a comparative advantage in both commodities. 50

Steel (millions of tons) 20 10 0 Country A Production possibilition curve 10 20 30 40 Chemicale (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 40 30 20 10- 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. country A has a comparative advantage in both commodities. 50

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterA: The Use Of Mathematics In Principles Of Economics

Section: Chapter Questions

Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?

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