When neither country specializes, the total production of corn isbushels per week, and the total production of jeans ispairs per week.Suppose that Charisma completely specializes in the production of the good in which it has a comparative advantage, producing only that good. It willproduce. Suppose also that Fiatstan does not specialize and uses 54,000 hours of labor to produce corn and18,000 hours of labor to produce jeans. It will producebushels of corn andpairs of jeans. Consider two neighboring island countries, Charisma and Fiatstan. Each has 72,000 labor hours available per week that it can use to produce corn,jeans, or a combination of both. The following table shows the amount of labor hours required to produce 1 bushel of com or 1 pair of jeans.CornJeansCountry(Labor hours per bushel)(Labor hours per pair)Charisma8016Fiatstan2412has an absolute advantage in the production of corn, andhas an absolute advantage in the productionof jeans.Initially, suppose Charisma uses 54,000 hours of labor per week to produce corn and 18,000 hours per week to produce jeans, while Fiatstan uses18,000 hours of labor per week to produce corn and 54,000 hours per week to produce jeans. Assume there are no other countries willing to tradegoods, so in the absence of trade between these two countries, each country consumes the amount of corn and jeans it produces.Charisma's opportunity cost of producing 1 bushel of corn isof jeans, and Fiatstan's opportunity cost of producing 1 bushelcorn isof jeans. Therefore,has a comparative advantage in the production of corn, andhas a comparativeadvantage in the production of jeans.When neither country specializes, the total production of corn isbushels per week, and the total production of jeans ispairs per week.Suppose that Charisma completely specializes in the production of the good in which it has a comparative advantage, producing only that good. It wilproduceSuppose also that Fiatstan does not specialize and uses 54,000 hours of labor to produce corn and18,000 hours of labor towill produce| bushels of corn andpairs of jeans.bushels of cornSuppose Charisma and pairs of jeans fade with each other, exchanging 1,100 bushels of corn for 3,300 pairs of jeans. In particular, Charisma willexport the goods it prodbees, aaacod will export the goods that Charisma does not produce.

each country has 72,000 labor Note:- Since you have posted multiple subparts, as per the guideline…

Consider two neighboring island countries, Charisma and Fiatstan. Each has 72,000 labor hours available per week that it can use to produce corn, jeans, or a combination of both. The following table shows the amount of labor hours required to produce 1 bushel of con or 1 pair of jeans. Corn Jeans Country (Labor hours per bushel) (Labor hours per pair) Charisma 80 16 Fiatstan 24 12

Consider two neighboring island countries, Charisma and Fiatstan. Each has 72,000 labor hours available per week that it can use to produce corn, jeans, or a combination of both. The following table shows the amount of labor hours required to produce 1 bushel of con or 1 pair of jeans. Corn Jeans Country (Labor hours per bushel) (Labor hours per pair) Charisma 80 16 Fiatstan 24 12

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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