Note: Please help with last graph and if anything already done is incorrect! When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner.Because of this comparative advantage, both countries benefit when they specialize and trade with each other.The following graphs show the production possibilities frontiers (PPFS) for Haldonia and Desonia, Both countries produce potatoes and sugar, eachinitially (that is, before specialization and trade) producing 12 million pounds of potatoes and 6 million pounds of sugar, as indicated by grey points(star symbols) labeled point A.SUGAR Mions of pounds322024201612202420•16DMaldonia has a comparative advantage in the production ofproduction ofpotatoesadvantage), the most the two countries can produce is12PPFU4 # 12 16 20 24 28POTATOES (Millions of pounds)MaldoniaPPF28 324.?MaldoniaSuppose that Maldonia and Desonia specialize and open up to international trade, and the terms of trade in the world market are 1 pound of potatoesfor 1 pound of sugar. That is, Desonia is willing to sell Maldonia 1 pound of potatoes in exchange for 1 pound of sugar, and Maldonia is willing to sellDesonia 1 pound of sugar in exchange for 1 pound of potatoes. The countries decide to exchange 4 million pounds of potatoes for 4 million pounds ofsugar.227R 20-The following graph shows the same PPF for Maldonia as before, as well as its initial consumption at point A. Use the green line (triangle symbol) toplot the trading possibilities line (TPL) for Maldonia. Then place the black point (plus symbol) on the trading possibilities line to indicate Maldonia'sconsumption after specialization and trade.Note: Dashed drop lines will automatically extend to both axes.2012 1024 24POTATOES (Milions of pounds)4.32PPF---04 4 12 16 20 24 28POTATOES (Maons of pounds)▼ while Desonia has a comparative advantage in theIf each fully specializes (that is, produces only the good for which each has a comparative24 million pounds of sugar and 12 million pounds of potatoes.Desonia14TPL++32Consumption After Trade?@The following graph shows the same PPF for Desonia as before, as well as its initial consumption at point A. As you did for Maldonia, use the green line (triangle symbol) to plot the trading possibilities line (TPL) for Desonia. Then place the black point (plussymbol) on the trading possibilities line to indicate Desonia's consumption after specialization and tradeSUGAR (Milions of pounds)2621012.PPFO TrueFalseDesonia012162024POTATOES (Millions of pounds)20324TPLTrue or False: Without engaging in international trade, Maldonia and Desonia would have been able to consume at the after-trade consumptionbundles. (Hint: Base your answer to this question on the answers you previously entered on this page.)Consumption After Trade

Comparative advantage refers to the ability to produce goods and services at a lower opportunity…

As you did for Maldonia, use the green line (triangle symbol) to plot the trading possibilities line (TPL) for Desonia. Then place the black point (plus symbol) on the trading possibilities line to indicate Desonia's consumption after specialization and trade (sounod ja suvons a A 24 R 12 PPF . O True 4 false Desonia . 12 16 24 POTATOES (Mons of pounds) TPL True or False: Without engaging in international trade, Haldonia and Desonia would have been able to consume at the after-trade consumption bundles. (Hint: Base your answer to this question on the answers you previously entered on this page.) Consumption After Trade

As you did for Maldonia, use the green line (triangle symbol) to plot the trading possibilities line (TPL) for Desonia. Then place the black point (plus symbol) on the trading possibilities line to indicate Desonia's consumption after specialization and trade (sounod ja suvons a A 24 R 12 PPF . O True 4 false Desonia . 12 16 24 POTATOES (Mons of pounds) TPL True or False: Without engaging in international trade, Haldonia and Desonia would have been able to consume at the after-trade consumption bundles. (Hint: Base your answer to this question on the answers you previously entered on this page.) Consumption After 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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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Note: Please help with last graph and if anything already done is incorrect!

When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner.
Because of this comparative advantage, both countries benefit when they specialize and trade with each other.
The following graphs show the production possibilities frontiers (PPFS) for Haldonia and Desonia, Both countries produce potatoes and sugar, each
initially (that is, before specialization and trade) producing 12 million pounds of potatoes and 6 million pounds of sugar, as indicated by grey points
(star symbols) labeled point A.
SUGAR Mions of pounds
32
20
24
20
16
12
20
24
20
•
16
D
Maldonia has a comparative advantage in the production of
production of
potatoes
advantage), the most the two countries can produce is
12
PPF
U
4 # 12 16 20 24 28
POTATOES (Millions of pounds)
Maldonia
PPF
28 32
4
.
?
Maldonia
Suppose that Maldonia and Desonia specialize and open up to international trade, and the terms of trade in the world market are 1 pound of potatoes
for 1 pound of sugar. That is, Desonia is willing to sell Maldonia 1 pound of potatoes in exchange for 1 pound of sugar, and Maldonia is willing to sell
Desonia 1 pound of sugar in exchange for 1 pound of potatoes. The countries decide to exchange 4 million pounds of potatoes for 4 million pounds of
sugar.
227R 20-
The following graph shows the same PPF for Maldonia as before, as well as its initial consumption at point A. Use the green line (triangle symbol) to
plot the trading possibilities line (TPL) for Maldonia. Then place the black point (plus symbol) on the trading possibilities line to indicate Maldonia's
consumption after specialization and trade.
Note: Dashed drop lines will automatically extend to both axes.
20
12 10
24 24
POTATOES (Milions of pounds)
4
.
32
PPF
---
0
4 4 12 16 20 24 28
POTATOES (Maons of pounds)
▼ while Desonia has a comparative advantage in the
If each fully specializes (that is, produces only the good for which each has a comparative
24 million pounds of sugar and 12 million pounds of potatoes.
Desonia
14
TPL
++
32
Consumption After Trade
?
@
The following graph shows the same PPF for Desonia as before, as well as its initial consumption at point A.

As you did for Maldonia, use the green line (triangle symbol) to plot the trading possibilities line (TPL) for Desonia. Then place the black point (plus
symbol) on the trading possibilities line to indicate Desonia's consumption after specialization and trade
SUGAR (Milions of pounds)
26
2
10
12
.
PPF
O True
False
Desonia
0
12
16
20
24
POTATOES (Millions of pounds)
20
32
4
TPL
True or False: Without engaging in international trade, Maldonia and Desonia would have been able to consume at the after-trade consumption
bundles. (Hint: Base your answer to this question on the answers you previously entered on this page.)
Consumption After Trade

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