Table 2.10 -Refer to Table 2.10.This Table Shows the Number of Labour

question 40

Essay

Table 2.10
-Refer to Table 2.10.This table shows the number of labour hours required to produce a digital cameras 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 kilogram of wheat?
f. What is South Korea's opportunity cost of producing one kilogram of what?
g. If each country specialises in the production of the product in which it has a comparative advantage, who should produce digital cameras?
h. If each country specialises in the production of the product in which it has a comparative advantage, who should produce wheat?
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Definitions:

Corporate Brand

The collective identity, values, and personality of a company as perceived by the public, employees, and stakeholders.

Franchises

Licensing arrangements whereby an individual or company can use a firm's business model and brand for a prescribed period.

Salaried Manager

A manager who is compensated with a fixed salary rather than an hourly wage.

Monitoring

The process of overseeing activities or performance, often used in contexts like employee performance, quality control, or compliance with regulations.