8. Problems and Applications Q Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 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) 817 Quantly U.S. PPF If these countries were open to trade, the price better China PPF + US 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 symbo) to indicate this production and consumption point for China ? would export shirts and would benefit from trade computer can be expressed in terms of shirts. The highest price for which a computer can be traded that would make both countries its per computer, and the lowest price that makes both countries better off is shirts per computer

8. Problems and Applications Q Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 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) 817 Quantly U.S. PPF If these countries were open to trade, the price better China PPF + US 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 symbo) to indicate this production and consumption point for China ? would export shirts and would benefit from trade computer can be expressed in terms of shirts. The highest price for which a computer can be traded that would make both countries its per computer, and the lowest price that makes both countries better off is shirts per computer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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