Question: Please help me answer this problem 3. Table 2-12 One One Canoe Sailboat Guatemal0 60 ala hours hours Hondur 15 75 as hours hours Table
Please help me answer this problem


3. Table 2-12 One One Canoe Sailboat Guatemal0 60 ala hours hours Hondur 15 75 as hours hours Table 2-12 shows the number of labor hours required to pro- duce a canoe and a sailboat in Guatemala and Honduras. Refer to the above table to answer the following two questions. 1. Honduras has an absolute advantage in and Guatemala has an absolute advantage in 2. Honduras has a comparative advantage in and Guatemala has a comparative ad- vantage in1. Indicate whether each of the following situations would shift the supply curve to the left, to the right, or not at all. a. An increase in the number of firms in the market b. An increase in the current price of the product c. A decrease in productivity d. An increase in the expected future price ofa product e. A decrease in the price of an input 1'. An increase in income
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
