--%>

Comparative advantage in production

I have a problem in economics on Comparative advantage in production. Please help me in the following question. The oranges are grown in Florida and potatoes are grown in Maine mainly since: (i) orange-grower’s in Maine have not lobbied effectively to save Maine oranges from inequitable competition. (ii) People in Florida don’t eat potatoes. (iii) Maine consists of a comparative advantage in producing potatoes and Florida consists of a comparative advantage in oranges. (iv) Growing oranges in Maine or potatoes in the Florida is physically not possible.

   Related Questions in Business Economics

  • Q : Programs exchanged in the market For

    For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi

  • Q : Definition of Full Employment

    Definition of “Full Employment”?

  • Q : What are the 4 phases of the business

    What are the 4 phases of the business cycle?

  • Q : Explain the term Price Earnings Ratio

    Briefly explain the term Price Earnings Ratio (or P/E Ratio)?

  • Q : Micro economics and macro economics

    Micro economics and macro economics:Economic theory can be widely divided into micro and macroeconomics. The word micro means small and macro means big.In microeconomics, we deal

  • Q : Estimate the impact of education on

    Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54

  • Q : What are the scientific method that

    What are the scientific method that Economists use to establish theories, laws, and principles?

  • Q : Laissez-faire philosophy of government

    As per to the laissez-faire philosophy of government,: (1) economy works best while all investment decisions are centralized. (2) market system works best along with only minimal government intervention. (3) government must be restricted to stabilizin

  • Q : Introduction of the term Operating

    Give a brief introduction of the term Operating Leverage?

  • Q : Entertainment tax-Indirect tax Why

    Why entertainment tax comes in indirect tax? Answer: Since its burden can be shifted to others.