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Opportunity costs and comparative advantage
In one day, Canada can produce either 200 tonnes of wheat or 90 tonnes of copper ingots. In one day, Chile can produce either 120 tonnes of wheat or 175 tonnes of copper ingots. Based on these numbers,
a. calculate Canada's opportunity cost of one tonne of wheat.
b. calculate Chile's opportunity cost of one tonne of copper ingots.
c. who has a comparative advantage in producing copper ingots? Why?
d. how many tonnes of wheat and how many tonnes of copper ingots will be produced if each country specializes?
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