Macro Topic 1.3- Comparative X + C docs.google.com/document/d/1C10MbocYux_2hRScqSOYJNJSP15z... M Gmail Youtube N Netflix Crunchyroll Bb Classroom Pronto &run WhatsApp Macro Topic 1.3- Comparative A... G Share File Edit View Insert Format Tools Extensions He 100% Normal text Arial - 10.9 Comparative Advantage and Irade Part 3: Input Questions- The table below gives the production alternatives of two countries that are producing cookies and milk. The numbers represent the amount of hours it takes to produce one crate of cookies and one barrel of milk. INPUT HOURS OF LABOR Country Cookies Milk Atlantis 2 hours 1 hour Neverland 4 hours 1 hour 13. Explain why this is considered an "input question", not an "output question"? Because it shows the number of hours (resources) required to produce a specific amount of output. 14. Identify which country has an absolute advantage in the production of cookies and which has the absolute advantage in the production of milk. Explain. 15. Identify which country has a comparative advantage in the production of cookies and which has a comparative advantage in the production of milk. Explain. IBE + MaxBook ProMacro Topic 1.3- Comparative x + -> C a docs.google.com/document/d/1C10MbocYux_2hRScqSOYJNJSPI5z... M Gmail YouTube N Netflix Crunchyroll Bb _ Classroom Pronto &run WhatsApp Macro Topic 1.3- Comparative A... G Share File Edit View Insert Format Tools Extensions He 100% Normal text Arial - 10.9 + ... 31 3 1 1 1 1 14 5 1 1 1 15- 6 try B 16. With specialization and trade, which country will import cookies? Explain. 17. Assume that the two countries decide to specialize according to their comparative advantages and that one milk is exchanged for one cookie, should Atlantis produce milk domestically or import milk from Neverland? Explain. 18. Identify a terms of trade that would be advantageous for both countries. Explain how you determined your answer. 19. Assume that Neverland discovers new technology that will increase their daily production of + milk only. Which country has a comparative advantage in cookie production? Explain how you determined your answer. Video Help: https://youtu.be/XTEb98PYOXA @Copyright Jacob Clifford 2020. www.ACDCecon.com Annual license required. Do not use unless you have purchased a license BE + MaxBook Pro