Find out which country has a comparative advantage by calculating the opportunity cost
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@ken45702 жыл бұрын
its 2022 bt ur content is still valued thnks for being a life saver
@NbingeJoseph5 ай бұрын
I really love the way you have simplified the lesson.
@simmndsd38853 жыл бұрын
I'm Grateful to coming across ur channel
@IrisFranz3 жыл бұрын
Happy learning!
@MingLeng-l5v4 ай бұрын
Your method is fabulous!!!
@chaumbambondo3961 Жыл бұрын
I salute you professor. You're really good
@islam.naimul10 ай бұрын
Love from Bangladesh. THANK YOU! ❤
@lemlemdema5674 ай бұрын
Thank you Iris Franz
@jenniferdiaz54692 жыл бұрын
Thank you ,now I understand the meaning of comparative advantage
@dishalovena74286 жыл бұрын
can u help me with this question please, The table shows the costs of producing a unit of food and a unit of clothing in countries X and Y, expressed in the currency of each country. country food clothing X $2 $4 Y £1 £1 The exchange rate is fixed at £1 = $3. What level of transport cost per unit of each commodity would exactly eliminate the benefits of trade? A £0.33 B £0.50 C £1.00 D £1.50
@IrisFranz6 жыл бұрын
In country X, the opportunity cost of one unit of food is 1/2 unit of clothing. In country Y, the opportunity cost of one unit of food is one unit of clothing. According to the video, which country has a comparative advantage in the production of food?
@nancybasnett93902 жыл бұрын
Thank you so much for making this topic understandable!
@IrisFranz2 жыл бұрын
You’re welcome!
@tukitaki69364 жыл бұрын
Hi ma'am, the answer would be ..China has comparative advantage of producing shoes. China can produce 1 shoe at the cost of 1 ibuprofen. Whereas, USA can produce 1 shoe at the cost of 2 ibuprofen.
@IrisFranz4 жыл бұрын
That’s correct; nice job!
@rma18083 жыл бұрын
Thank you so much.. I understood it so well Lots of love from India ❣️💖
@muskaanbhatia829511 ай бұрын
China has comparative advantage shoes and thanks a lot ma’am ❤
@dinasin27453 жыл бұрын
I have a question pls. My question was the Comparative advantage in the production of shoes or Ibuprofen? You said China.
@IrisFranz3 жыл бұрын
I want you to think. Please calculate the opportunity cost of shoes for both countries. Which country has a lower opportunity cost in the production of shoes? Then that country has a comparative advantage in the production of shoes.
@dinasin27453 жыл бұрын
@@IrisFranz hi, you said that if you want to find A, you trick B as the currency . And if I want to find B, I trick A as currency. it is correct.
@IrisFranz3 жыл бұрын
@@dinasin2745 if you want to find the opportunity cost of A, yes treat B as currency.
@dinasin27453 жыл бұрын
@@IrisFranz Let say the comparative advantage in the production of shoes is China because the opportunity cost of shoes is lower than US. US=10:5=2 whereas China=2:2=1.
@laura4pf5 ай бұрын
lovely video, thank you!
@senskoklu95992 жыл бұрын
it was the best video i have ever watched about absolute and comparative advantage 🫶
@jessicaknows68814 жыл бұрын
I have a question, when we divide and we get for example 0.5 would the opportunity cost be 2/4? Also do we have to find the lowest common factor or no?
@IrisFranz4 жыл бұрын
The opportunity cost of a pair of shoes in the U.S. is 10/5 which is equal to 2 bottles of ibuprofen.
@jessicaknows68814 жыл бұрын
@@IrisFranz have you made a video on exchange rates and how to find it for macroeconomics?
@brightonmembi53092 жыл бұрын
Thank you🙏 simple and clear
@limweidihwensantos67153 жыл бұрын
hey .. Now i get it.... Are you still making videos on principles of economics?
@IrisFranz3 жыл бұрын
Absolutely!
@asmafaisal65387 ай бұрын
Omg u saved my life ❤
@therelaxedgirl10712 жыл бұрын
I was really struggling with this thank you so much