Chile's Production Possibilities Frontier Colombia's Production Possibilities Frontier soydeans 20 20 Isedeans | (in pounds) 18 18 (spunod ne) 16 16 14 14 12 12 10 - 10 8 8 6 4 4 ++> 2 4 6 8 10 12 14 16 18 20 cefee (in pounds 2 4 6 8 10 12 14 16 18 20 coffe (in pounds, Refer to Figure 3-19. If Chile and Colombia each spends all of its time producing the good in which it has a comparative advantage and the countries agree to trade 7 pounds of coffee for 5 pounds of soybeans, then Chile will consume O a. 7 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 5 pounds of soybeans. O b. 7 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 11 pounds of soybeans. O c. 23 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 5 pounds of soybeans. O d. 23 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 11 pounds of soybeans.

Chile's Production Possibilities Frontier Colombia's Production Possibilities Frontier soydeans 20 20 Isedeans | (in pounds) 18 18 (spunod ne) 16 16 14 14 12 12 10 - 10 8 8 6 4 4 ++> 2 4 6 8 10 12 14 16 18 20 cefee (in pounds 2 4 6 8 10 12 14 16 18 20 coffe (in pounds, Refer to Figure 3-19. If Chile and Colombia each spends all of its time producing the good in which it has a comparative advantage and the countries agree to trade 7 pounds of coffee for 5 pounds of soybeans, then Chile will consume O a. 7 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 5 pounds of soybeans. O b. 7 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 11 pounds of soybeans. O c. 23 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 5 pounds of soybeans. O d. 23 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 11 pounds of soybeans.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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