Table 2-26 -Refer to Table 2-21. This Table Shows the Number of Shows

question 113

Essay

Table 2-26

-Refer to Table 2-21. This table shows the number of labor 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 pound of wheat?
f. What is South Korea's opportunity cost of producing one pound of what?
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?

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Definitions:

Registered Trademark

A symbol, word, or phrase that has been officially registered with a government authority to differentiate products or services.

Trade Secret

A formula, practice, process, design, instrument, pattern, or compilation of information that is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.

Unique Manufacturing

A production process characterized by creating novel and one-of-a-kind products not readily available in the market.

Copyright Legislation

Laws and regulations established to protect the intellectual property rights of creators, preventing unauthorized copying and distribution of their works.