Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 4. Gains from Trade ISuppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. Thereare 1 million workers in each country.Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) tograph the production possibilities frontier for China.Quantity of Computers (Millions)30272421181512630010203040 50 60Quantity of Shirts (Millions)708090100-OU.S. PPFChina PPF+U.S. without Trade-*China without Trade(?) Suppose that without trade the workers in each country spend half their time producing each good.Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) toindicate this production and consumption point for China.If these countries were open to trade,The price of a computer can be expressed in terms of shirts. The highest price for which a computer can be traded that would make both countries betteroff is shirts per computer, and the lowest price that makes both countries better off is shirts per computer.True or False: There are no longer gains from trade.would export shirts andSuppose that China catches up with American productivity so that a Chinese worker can produce 60 shirts or 30 computers.Truewould benefit from trade.False

The production possibilities frontier shows the most efficient use of production through the use of…

4. Gains from Trade I Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 18 15 12 3 0 0 10 20 30 40 50 60 70 Quantity of Shirts (Millions) 80 90 100 U.S. PPF China PPF U.S. without Trade China without Trade ?

4. Gains from Trade I Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 18 15 12 3 0 0 10 20 30 40 50 60 70 Quantity of Shirts (Millions) 80 90 100 U.S. PPF China PPF U.S. without Trade China without Trade ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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