Economics Homework Help

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Consider two countries, Portugal and England, that produce

two goods, wine and cheese, with only one factor of production, Labor. In Portugal, one unit of labor can produce 2 units of wine or 1 unit of cheese. In England, one unit of labor can produce 2 units of wine or 4 of cheese. There are 100 units of labor in Portugal, and 100 in England. Countries share the same tastes, and there is perfect competition.

1.     Fill in the following table:

2.     Which country has a an absolute advantage in wine? In cheese? Which country has a comparative advantage in wine? In cheese?

·      England has an absolute advantage in cheese

·      Portugal has a comperative advantage in wine

·      England has a comperative advantage in cheese