Table 2-16 -Refer to Table 2-12.This Table Shows the Number of Labor

question 71

Essay

Table 2-16

-Refer to Table 2-12.This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea.
a.Which country has an absolute advantage in the production of digital cameras?
b.Which country has an absolute advantage in the production of wheat?
c.What is China's opportunity cost of producing one digital camera?
d.What is South Korea's opportunity cost of producing one digital camera?
e.What is China's opportunity cost of producing one bushel of wheat?
f.What is South Korea's opportunity cost of producing one pound of wheat?
g.If each country specializes in the production of the product in which it has a comparative advantage, who should produce digital cameras?
h.If each country specializes in the production of the product in which it has a comparative advantage, who should produce wheat?

---

Definitions:

Territorial Gains And Losses

Changes in the control or ownership of geographic areas, often discussed in the context of military conflicts or diplomatic negotiations.

Sales Presentation Materials

Tools or resources used during a sales pitch to illustrate and highlight the benefits of a product or service.

Sales Response Function

A model that predicts the impact of various sales activities and expenditures on sales revenue.

Time Management

The process of planning and exercising conscious control over the amount of time spent on specific activities to increase effectiveness, efficiency, or productivity.