Answer:
Casey's opportunity cost of producing 1 kg of potatoes is 5 kg of steak.
Casey's opportunity cost of producing 1 kg of steak is 0.2 kg of potatoes.
Rick's opportunity cost of producing 1 kg of potatoes is 3 kg of steak.
Rick's opportunity cost of producing 1 kg of steak is 0.33 kg of potatoes.
Casey should produce steak while Rick should produce potatoes, since Rick has a comparative advantage in producing potatoes (lower opportunity cost) and Casey has a comparative advantage in producing steak.
As long as the price of steak per kilogram of potatoes is less than 5 kg of steak and more than 3 kg of steak, then both would win. In order for both of them to win is a similarly proportional way, the exchange price should be 4 kg of steak per kg of potatoes.
<span>A
global marketing strategy refers to a marketing strategy used by a firm or a
company to be able to compete worldwide. This is used to promote or market its
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different international trading aspects and global market conditions. </span>
Its above the equilibrium price. Excess supply means they produced more than what people are demanding. So the bushel might be expensive for them and less people are buying it.
The first point is (-1, 6)
The second point is (0, -6)
