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Course: AP??/College Microeconomics?>?Unit 1
Lesson 4: Comparative advantage and trade- Comparative advantage, specialization, and gains from trade
- Comparative advantage and absolute advantage
- Opportunity cost and comparative advantage using an output table
- Comparative advantage and absolute advantage
- Terms of trade and the gains from trade
- Input approach to determining comparative advantage
- When there aren't gains from trade
- Comparative advantage worked example
- The terms of trade
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Comparative advantage and absolute advantage
Problem
Tomer and Charlotte have the same resources and time. Tomer can either write lines of code or process reports, and Charlotte can either write lines of code or process reports.
Who has an absolute advantage in each thing?