Fill in the top row of the following table to indicate Kamal's and Nick's output of each good. Before Trade, with Specialization After Trade X Nicki 75.0 Y 37.5 1 1 X Kamal 100.0 Y 10.0 After specialization, suppose the two agree on a price of 7 units of good X for each unit of good Y. When the two individuals make the trade, they exchange 140 units of good X for 20 units of good Y. Recall that the individual who has specialized in the production of X would trade 140 units of good X and receive 20 units of good Y, while the individual who specialized in the production of good Y would trade 20 units of good Y and receive 140 units of good X
Fill in the top row of the following table to indicate Kamal's and Nick's output of each good. Before Trade, with Specialization After Trade X Nicki 75.0 Y 37.5 1 1 X Kamal 100.0 Y 10.0 After specialization, suppose the two agree on a price of 7 units of good X for each unit of good Y. When the two individuals make the trade, they exchange 140 units of good X for 20 units of good Y. Recall that the individual who has specialized in the production of X would trade 140 units of good X and receive 20 units of good Y, while the individual who specialized in the production of good Y would trade 20 units of good Y and receive 140 units of good X
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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ips
ips
Fill in the top row of the following table to indicate Kamal's and Nick's output of each good.
Before Trade, with Specialization
After Trade
Xx
Nicki
75.0
Y
37:5
1
1
X
Kamal
100.0
Y
10.0
After specialization, suppose the two agree on a price of 7 unds of good X for each unit of good Y. When the two individuals make the trade, they
exchange 140 units of good X for 20 units of good Y. Recall that the individual who has specialized in the production of X would trade 140 units of good
X and receive 20 units of good Y, while the individual who specialized in the production of good Y would trade 20 units of good Y and receive 140 units
of good x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F314037a4-b831-459b-9328-92f548ab2940%2Feafd6605-15d5-4b38-a83a-8800e86bc14b%2Fvjqjrxh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Tools
ips
ips
Fill in the top row of the following table to indicate Kamal's and Nick's output of each good.
Before Trade, with Specialization
After Trade
Xx
Nicki
75.0
Y
37:5
1
1
X
Kamal
100.0
Y
10.0
After specialization, suppose the two agree on a price of 7 unds of good X for each unit of good Y. When the two individuals make the trade, they
exchange 140 units of good X for 20 units of good Y. Recall that the individual who has specialized in the production of X would trade 140 units of good
X and receive 20 units of good Y, while the individual who specialized in the production of good Y would trade 20 units of good Y and receive 140 units
of good x
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