Explain the concept of comparative advantage. In addition, using the following information calculate the

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  1. Explain the concept of comparative advantage. In addition, using the following information calculate the opportunity costs of producing each good in each country. Finally what is the final trading price of each good and how is it determined? (12 Points)

 

Production Per Hour

Portugal

Britain

Wine

7

9

Cotton

3

2

 



 

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    Explain the concept of comparative advantage. In addition, using the following information calculate the
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