If the fictitious country of Islandia puts all of its production resources into fish, it can produce 70 units of fish. If it puts all of its production resources into coconuts, it can produce 35 units of coconuts. If the fictitious country of Mountania puts all of its production resources into fish, it can produce 60 units of fish. If it puts all of its production resources into coconuts, it can produce 40 units of coconuts. Assume that both countries have constant cost functions for both products. Instructions: Round your answers to 2 decimal places. a. What is the opportunity cost of producing 1 unit of fish in Islandia? unit(s) of coconuts b. What is the opportunity cost of producing 1 unit of coconuts in Islandia? unit(s) of fish c. What is the opportunity cost of producing 1 unit of fish in Mountania? unit(s) of coconuts d. What is the opportunity cost of producing 1 unit of coconuts in Mountania? unit(s) of fish (Click to select) (Click to select) f. What will be the terms of trade for fish? e Between has a comparative advantage in the production of fish. has a comparative advantage in the production of coconuts. Between and g. What will be the terms of trade for coconuts? unit(s) of fish unit(s) of coconuts and

If the fictitious country of Islandia puts all of its production resources into fish, it can produce 70 units of fish. If it puts all of its production resources into coconuts, it can produce 35 units of coconuts. If the fictitious country of Mountania puts all of its production resources into fish, it can produce 60 units of fish. If it puts all of its production resources into coconuts, it can produce 40 units of coconuts. Assume that both countries have constant cost functions for both products. Instructions: Round your answers to 2 decimal places. a. What is the opportunity cost of producing 1 unit of fish in Islandia? unit(s) of coconuts b. What is the opportunity cost of producing 1 unit of coconuts in Islandia? unit(s) of fish c. What is the opportunity cost of producing 1 unit of fish in Mountania? unit(s) of coconuts d. What is the opportunity cost of producing 1 unit of coconuts in Mountania? unit(s) of fish (Click to select) (Click to select) f. What will be the terms of trade for fish? e Between has a comparative advantage in the production of fish. has a comparative advantage in the production of coconuts. Between and g. What will be the terms of trade for coconuts? unit(s) of fish unit(s) of coconuts and

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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