IT and SP give the current daily production levels for Italy and Spain, respectively. Taph provided shows the PPC for Spain and Italy producing fish and steel. The points Italy 10÷20 30=60 Steel 50 40 10 0 I I IT SP Spain 20 30 40 100 -1 Fish What is Italy's opportunity cost of producing 1 unit of steel? 0-3 What is Spain's opportunity cost of producing 1 pound of fish? Assume now that each country decides to specialize in the good for which they have the comparative advantage then trade with the other country at the following terms of trade: 22 pounds of steel traded for 37 pounds of fish. After the trade, Spain has 63 pounds of fish and 225_units of steel. 7 -12 After the trade, Italy has_34_pounds of fish and 29 units of steel.

IT and SP give the current daily production levels for Italy and Spain, respectively. Taph provided shows the PPC for Spain and Italy producing fish and steel. The points Italy 10÷20 30=60 Steel 50 40 10 0 I I IT SP Spain 20 30 40 100 -1 Fish What is Italy's opportunity cost of producing 1 unit of steel? 0-3 What is Spain's opportunity cost of producing 1 pound of fish? Assume now that each country decides to specialize in the good for which they have the comparative advantage then trade with the other country at the following terms of trade: 22 pounds of steel traded for 37 pounds of fish. After the trade, Spain has 63 pounds of fish and 225_units of steel. 7 -12 After the trade, Italy has_34_pounds of fish and 29 units of steel.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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