The following hypothetical production possibilities tables for China and Canada. Assume that, before specialization and trade, the optimal product mix for China is alternative D and for Canada is alternative S. CN204 021- Introductory M.....AssignmentProductApparel (in thousands)Chemicals (in tons)(Click to select) :202Wunits#3ProductApparel (in thousands)Chemicals (in tons)a. Are comparative cost conditions such that the two areas should specialize?tons3C Shifting work previously done by Canadian workers.... ....QEA500What are the gains from specialization and trade for each nation?Gain ofunits of apparel and [tons of chemicals.CR1500544RB4020LIf so, what product should each produce?China should produc✓ (Click to select)chemicalsCanada should prodiapparelb. What is the total gain in apparel and chemical output that would result from such specialization?Instructions: Enter your responses as whole numbers.Apparel: [Chemicals:175%China Production PossibilitiesC3040S12030Uc. What are the limits of the terms of trade?Limits of the terms of trade =units of apparel for 1 ton of chemicals andunits of apparel for 2 tons of chemicals.Suppose that the actual terms of trade are 1 unit of apparel for 1½ units of chemicals and that 20 units of apparel are exchanged for 30units of chemicals.ezto.mheducation.comCanada Production PossibilitiesT9060TSaved< PrevC6D2060U6090www10 of 10 ***YM Question 10- Chapter 17 Assignment - ConnectMacBook ProE1080&7V30120FU01008W0150Next >C(90)0HeP

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

Assignment Product Apparel (in thousands) Chemicals (in tons) (Click to select) : A 50 0 If so, what product should each produce? China should produc✓ (Click to select) chemicals apparel units R 150 0 tons Product Apparel (in thousands) Chemicals (in tons) a. Are comparative cost conditions such that the two areas should specialize? JACE Ba China Production Possibilities C 30 40 B 40 20 Saved S 120 30 D 20 60 Canada Production Possibilities T 90 60 < Prev U 60 90 E 10 80 V 30 120 10 of 10 ⠀⠀⠀⠀ F Canada should prodi b. What is the total gain in apparel and chemical output that would result from such specialization? Instructions: Enter your responses as whole numbers. Apparel: Chemicals: c. What are the limits of the terms of trade? Limits of the terms of trade = units of apparel for 1 ton of chemicals and units of apparel for 2 tons of chemicals. Suppose that the actual terms of trade are 1 unit of apparel for 1½ units of chemicals and that 20 units of apparel are exchanged for 30 units of chemicals. What are the gains from specialization and trade for each nation? Gain of units of apparel and tons of chemicals. 0 100 W 0 150 Next >

Assignment Product Apparel (in thousands) Chemicals (in tons) (Click to select) : A 50 0 If so, what product should each produce? China should produc✓ (Click to select) chemicals apparel units R 150 0 tons Product Apparel (in thousands) Chemicals (in tons) a. Are comparative cost conditions such that the two areas should specialize? JACE Ba China Production Possibilities C 30 40 B 40 20 Saved S 120 30 D 20 60 Canada Production Possibilities T 90 60 < Prev U 60 90 E 10 80 V 30 120 10 of 10 ⠀⠀⠀⠀ F Canada should prodi b. What is the total gain in apparel and chemical output that would result from such specialization? Instructions: Enter your responses as whole numbers. Apparel: Chemicals: c. What are the limits of the terms of trade? Limits of the terms of trade = units of apparel for 1 ton of chemicals and units of apparel for 2 tons of chemicals. Suppose that the actual terms of trade are 1 unit of apparel for 1½ units of chemicals and that 20 units of apparel are exchanged for 30 units of chemicals. What are the gains from specialization and trade for each nation? Gain of units of apparel and tons of chemicals. 0 100 W 0 150 Next >

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

The following hypothetical production possibilities tables for China and Canada. Assume that, before specialization and trade, the optimal product mix for China is alternative D and for Canada is alternative S.

CN204 021- Introductory M.....
Assignment
Product
Apparel (in thousands)
Chemicals (in tons)
(Click to select) :
20
2
W
units
#3
Product
Apparel (in thousands)
Chemicals (in tons)
a. Are comparative cost conditions such that the two areas should specialize?
tons
3
C Shifting work previously done by Canadian workers.... ....
Q
E
A
50
0
What are the gains from specialization and trade for each nation?
Gain of
units of apparel and [
tons of chemicals.
C
R
150
0
54
4
R
B
40
20
L
If so, what product should each produce?
China should produc✓ (Click to select)
chemicals
Canada should prodi
apparel
b. What is the total gain in apparel and chemical output that would result from such specialization?
Instructions: Enter your responses as whole numbers.
Apparel: [
Chemicals:
175
%
China Production Possibilities
C
30
40
S
120
30
U
c. What are the limits of the terms of trade?
Limits of the terms of trade =
units of apparel for 1 ton of chemicals and
units of apparel for 2 tons of chemicals.
Suppose that the actual terms of trade are 1 unit of apparel for 1½ units of chemicals and that 20 units of apparel are exchanged for 30
units of chemicals.
ezto.mheducation.com
Canada Production Possibilities
T
90
60
T
Saved
< Prev
C
6
D
20
60
U
60
90
www
10 of 10 ***
Y
M Question 10- Chapter 17 Assignment - Connect
MacBook Pro
E
10
80
&
7
V
30
120
F
U
0
100
8
W
0
150
Next >
C
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9
0
)
0
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