what sliders do i put ? Having determined that you should specialize in fishing,find a trade that will make you and Friday better off.Recall that Friday produces 350 calories of fish per houror 3.5 logs of firewood per hour and to survive, he needs7 logs and 3500 calories of fish. While you produce 500calories or 4 logs per hour and to survive you must collect32 logs and 2000 calories of fish.Collect Wood: 6 hourCollect Fish: 6 hourDaytime Schedule0 hour12 hourWood : 0 logsDay 1.Fish : 0 cals Fish (cals)8000700060005000400030002000100000TradeO10 20 30How much do we trade?Give fish (cals): 351Your PPF0Receive wood (logs): 2.440Terms of TradeWhat are the rules of trading?1 Wood (logs) for: 148 fish (cals)50 60 70 80 90 100Firewood (logs)Your PPF1102003000Fish (cals)5000400003000200010000OConsumption10 20 30Collect Wood: 21.4 logs0Collect Fish: 3389 calsFriday PPFO40 50 60 70Firewood (logs)● Friday's PPFStart8090 100 110.423000

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

Fish (cals) 8000 7000 6000 5000 4000 3000 2000 1000 0 o 0 Trade 10 20 30 40 50 60 70 Firewood (logs) ◆ Your PPF Terms of Trade What are the rules of trading? 1 Wood (logs) for: 148 fish (cals) How much do we trade? Give fish (cals): 351 0 Receive wood (logs): 2.4 80 90 100 110 200 3000 Fish (cals) 5000 4000 0 3000 2000 1000 0 0 10 20 30 40 Consumption Collect Wood: 21.4 logs 0 Collect Fish: 3389 cals 50 60 70 Firewood (logs) ◆ Friday's PPF Start 80 90 100 110 42 3000

Fish (cals) 8000 7000 6000 5000 4000 3000 2000 1000 0 o 0 Trade 10 20 30 40 50 60 70 Firewood (logs) ◆ Your PPF Terms of Trade What are the rules of trading? 1 Wood (logs) for: 148 fish (cals) How much do we trade? Give fish (cals): 351 0 Receive wood (logs): 2.4 80 90 100 110 200 3000 Fish (cals) 5000 4000 0 3000 2000 1000 0 0 10 20 30 40 Consumption Collect Wood: 21.4 logs 0 Collect Fish: 3389 cals 50 60 70 Firewood (logs) ◆ Friday's PPF Start 80 90 100 110 42 3000

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 4PA

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EX LO d @ Safari File Edit View History Bookmarks Window Help Lily ✓ My Home Courses Rental Options V Catalog and Study Tools Dashboard College Success Tips Help Career Success Tips Give Feedback « 100 CENGAGE MINDTAP PISTACHIOS (Millions of pounds) 48 42 36 Homework (Ch 03) The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of peas and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. 30 24 18 PPF 12 6 0 0 C Mind Tap - Cengage Learning 6 S Shenandoah A 12 18 24 30 PEAS (Millions of pounds) 36 42 48 ? JAN 28 PISTACHIOS (Millions of pounds) 48 42 36 30 24 6 C MindTap - Cengage Learning 0 ng.cengage.com PPF 6 Denali A 12 18 24 30 36 PEAS (Millions of pounds) 42 48 Shenandoah has a comparative advantage in the production of while Denali has a comparative advantage in the…
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