ECO205: (National Economy and Growth) Derive the comparative advantages in the production of the goods.

Module / Subject / School:

ECO205: National Economy and Growth

Requirements: 

Our Writer’s Comment 

First, when deriving the comparative advantages, start by setting up your table clearly. Make sure it shows the opportunity costs of producing each good in both countries or contexts you’re comparing. The key here is to ensure the numbers are accurate and that it’s easy to see which country has the lower opportunity cost for each good—this is what determines comparative advantage.

Next, when you present the Terms of Trade (ToT), make sure you’re solving for a range that benefits both parties. Since the task asks for a ToT in the form of 1X:_Y, to the nearest 0.5 units, your calculation should be precise. Show how the ToT you’ve calculated allows both sides to trade in a way that’s better than producing both goods themselves.

In your description, be concise but clear. Explain why the country with the lower opportunity cost has the comparative advantage and how the ToT benefits both sides. This explanation is crucial—it demonstrates that you not only understand how to do the calculations but also grasp the underlying economic principles.

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