Calculating Comparative Advantage
Calculating China's Opportunity cost of 1 Car. China can produce 100 cars or 80 iron ore. Therefore; 100 cars = 80 iron ore. We need to make it 1 car, so we divide both sides by 100. 100 cars / 100 = 1 car 80 iron ore / 100 = iron ore. Hence, 1 car = iron ore. Calculating Australia's Opportunity Cost Iron Ore Australia's opportunity ...
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