Answers
France:
Opportunity cost of brewing a gallon of beer = 5/3 = 1.67 pizza
Latasha:
Opportunity cost of brewing a gallon of beer = 8/4 = 2 pizza
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Comparative advantage in beer = One who has lower opportunity cost of brewing beer = France
Absolute advantage in beer = France
Reason: Suppose there are 120 hours available for work.
France will produce = 120/5 = 24 beer while Latasha will produce = 120/8 = 15 beer
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Latasha will trade away pizza for root beer.
Reason: Since Latasha has comparative advantage in pizza production, she will produce pizza and sell it in exchage for beer
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Highest price: 2 pizza
Lowest price: 1.67 pizza
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