1. The output per laborer per day in the production of steel and tin for Russia and China are given in the table below. Output per Labor-Day RussiaChina Steel 10 3 5 6 Tin a) What is the opportunity cost of producing Tin in Russia? b) What is the opportunity cost of producing Tin in China? c) Assume that Russia has 500 labor days available for producing Steel and/or Tin and that China has 900 labor days available. Putting Steel on the vertical axis, draw the straight-line production possibility frontiers for both Russia and China. d) What is the slope of Russia's production possibility frontier, and what is the slope of China's production possibility frontier? e) How is the slope of a production possibility frontier related to the opportunity cost of the good on the horizontal axis? (See your answers to parts (a) and (b) of this question. 2. Two nations have straight-line production possibility frontiers, but with different slopes. Explain or demonstrate why complete specialization maximizes the gains from trade. CO LO

1. The output per laborer per day in the production of steel and tin for Russia and China are given in the table below. Output per Labor-Day RussiaChina Steel 10 3 5 6 Tin a) What is the opportunity cost of producing Tin in Russia? b) What is the opportunity cost of producing Tin in China? c) Assume that Russia has 500 labor days available for producing Steel and/or Tin and that China has 900 labor days available. Putting Steel on the vertical axis, draw the straight-line production possibility frontiers for both Russia and China. d) What is the slope of Russia's production possibility frontier, and what is the slope of China's production possibility frontier? e) How is the slope of a production possibility frontier related to the opportunity cost of the good on the horizontal axis? (See your answers to parts (a) and (b) of this question. 2. Two nations have straight-line production possibility frontiers, but with different slopes. Explain or demonstrate why complete specialization maximizes the gains from trade. CO LO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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