Econ 7 and 9

Econ 7 and 9

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  • Hey, I'm the President of India and I want to trade with Ireland, can you help me?
  • Absolutely, you should probably look at the comparative advantage of both countries.
  • Well, what will the comparative advantage tell me?
  • The Comparative will tell you what you, India, should make for yourself and what you should import from Ireland.
  • The two products are pizza and ice cream. I can produce 8 pizzas and 4 ice creams. While Ireland only produces 6 pizzas and 1 ice cream.
  • Well, you would have the comparative advantage in ice cream, but Ireland have the comparative advantage in pizza.
  • Okay, so what should I trade?
  • Well you should make your own pizza but buy ice cream from Ireland. But your range of value is 1/6 to 1/4, do not trade below or above that range.
  • Wow, you really know a lot about Economics, thank you for helping me and most importantly helping India.
  • You're quite welcome. Do you have any more questions?
  • Yes actually, who would have absolute advantage?
  • Well, Ireland would have absolute advantage in both.
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