Input approach to determining comparative advantage | AP Macroeconomics | Khan Academy
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- čas přidán 19. 11. 2017
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In this video, we take a slightly different approach to determining comparative advantage because we are given data in a slightly different way. Rather than knowing how much of two goods can be produced in a day, we know how much of a resources (in this case labor) is needed to produce one unit of a good.
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*input table = working hours per day for agent, working hours per item for agent
*output table = work amount daily / work amount item
*oc. table, find comparative advantage
thank you
i don't understand why this video is soo underrated !!!
Getting the opportunity cost has NOTHING to do with the amount of hours worked if all workers work the same hours
for these questions can you always assume that there are 8 worker hours in a day?
You are smart!
If you assume your results become less reliable. So try your best to make sure that's the case.
can i know why are we assuming 8 hours?
Labor laws
Thx for showing me this I like math so thx for showing this to me 😀😀😀😀
So you mean if the question is given in terms of input covert it into output and then create the opportunity cost table?
Don’t you have a direct way of getting opportunity cost from the input table itself?
To find the O.C for toy cars if is an input, you can divide the # of toy cars by the # of belts, whereas if is an output, you divide the # of belts by the # of toy cars..