I'm still confused on how to graph it. As well as answering parts h, i, l, and m **Trading Activity Analysis****Name:** Marilynn Byrds **Date:** October 23rd---Imagine a case study where two different countries, Albania and Belize, have remained self-sufficient and mostly produce two products: corn and beets. This study explores how trade liberalization promotes better production.Each country's workforce consists of 15 workers with the following production levels per worker/month:| Bushels | Corn (Y-axis) | Beets (X-axis) ||--------------|--------------|----------------|| Albania | 40 | 20 || Belize | 20 | 40 |**Note:** To find output, the table values are per worker. Both economies comprise 15 workers.**Tasks:**a) **Graphing Production Possibilities:**- Develop separate production possibilities frontiers for Albania and Belize.- Increment amounts: Albania uses 100-unit corn and 50-unit beets increments; Belize uses 50-unit corn and 10-unit beet increments.- Mark the consumption and production balance within each country and label as Point A for Albania and A' for Belize.b) **Production Required for Trade Points:**- Calculate the necessary production levels for trade points A and A' for both countries.c) **Opportunity Cost Calculation:**- Show the difference between the two opportunity cost methods discussed in class.d) **Production Analysis:**| | Albania | Belize ||-------------------|----------------------|---------------------|| | Corn | Beets | Corn | Beets || Production (total)| 600 | 300 | 300 | 600 || Opportunity Cost | 0.5 | 2 | 2 | 0.2 || Production before trade (A & A') | 40 | 20 | 20 | 40 |e) **Comparative Advantage:**- Identify who has an absolute and comparative advantage for each product.f) **Specialization Focus:**- Determine which country should focus on each product using specialization (Calculate specialization: Point B for Albania, B' for Belize).g) **Graph Post-Specialization Production:**| | Albania | Belize ||-----------------------|---------------|----------------|| Production (with specialization B & B') | Corn: 600 | Beets: 300 | Corn: 300 | Beets: **Title: Analyzing Trade Terms Between Two Economies****Introduction:**Given that both economies have now agreed to trade, the focus is on determining the terms of trade between each country. To finalize this process, there was a meeting between the two countries’ permanent representatives to discuss trade terms, and four options were presented.**Trade Options Presented:**1. **Option 1:** - 1 beet = 6 units of corn - 1 corn = 0.4 units of beets 2. **Option 2:** - 1.5 beets = 3.5 units of corn - 1 corn = 0.52 units of beets 3. **Option 3:** - 1 beet = 4 units of corn - 1 corn = 0.4 units of beets 4. **Option 4:** - 1 beet = 4 units of corn - 1 corn = 0.10 units of beets**Questions:**i) What is the range of trade for both countries in terms of beets and corn?j) Which option is the most acceptable for this situation? (Explain your reasoning.)**Deliberation and Final Decision:**After much deliberation, both countries decided to trade 40 beets for 160 bushels of corn.**Calculating Outcomes:**k) Complete the table below by filling point C (Albania) and C' (Belize) for the final results of each country’s production/consumption after trade:| | Albania | | | Belize | ||---------------|---------|-------|---------|--------|-------|| | Corn | Beets | Corn | Beets || Production before trade (A & A') | 100 | 200 | 50 | 50 || Production with specialization (B & B') | 0 | 300 | 300 | 0 || Consumption/Results after trade (C & C') | 160 | 240 | 60 | 60 || Gains/Losses from trade (A-C & A’-C’) | 40 | 40 | 10 | 10 |**Graphing and Analysis:**l) After completing the

Output per worker in both the countries - Each country has workforce of 15 workers .

Imagine the following case study where two different countries: Albania and Belize have remained self-sufficient and mostly produce two of the following products: corn and beets. Our hopes are that we will be able to improve trade liberalization and encourage each one to work together in order to improve the number of resources and goods each one provides to their population. Here are their production levels for each product per worker/month (assume each country has a workforce for 15 workers): corn beet Beets

Imagine the following case study where two different countries: Albania and Belize have remained self-sufficient and mostly produce two of the following products: corn and beets. Our hopes are that we will be able to improve trade liberalization and encourage each one to work together in order to improve the number of resources and goods each one provides to their population. Here are their production levels for each product per worker/month (assume each country has a workforce for 15 workers): corn beet Beets

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

I'm still confused on how to graph it. As well as answering parts h, i, l, and m

**Trading Activity Analysis**

**Name:** Marilynn Byrds
**Date:** October 23rd

---

Imagine a case study where two different countries, Albania and Belize, have remained self-sufficient and mostly produce two products: corn and beets. This study explores how trade liberalization promotes better production.

Each country's workforce consists of 15 workers with the following production levels per worker/month:

| Bushels | Corn (Y-axis) | Beets (X-axis) |
|--------------|--------------|----------------|
| Albania | 40 | 20 |
| Belize | 20 | 40 |

**Note:** To find output, the table values are per worker. Both economies comprise 15 workers.

**Tasks:**

a) **Graphing Production Possibilities:**

- Develop separate production possibilities frontiers for Albania and Belize.
- Increment amounts: Albania uses 100-unit corn and 50-unit beets increments; Belize uses 50-unit corn and 10-unit beet increments.
- Mark the consumption and production balance within each country and label as Point A for Albania and A' for Belize.

b) **Production Required for Trade Points:**

- Calculate the necessary production levels for trade points A and A' for both countries.

c) **Opportunity Cost Calculation:**

- Show the difference between the two opportunity cost methods discussed in class.

d) **Production Analysis:**

| | Albania | Belize |
|-------------------|----------------------|---------------------|
| | Corn | Beets | Corn | Beets |
| Production (total)| 600 | 300 | 300 | 600 |
| Opportunity Cost | 0.5 | 2 | 2 | 0.2 |
| Production before trade (A & A') | 40 | 20 | 20 | 40 |

e) **Comparative Advantage:**

- Identify who has an absolute and comparative advantage for each product.

f) **Specialization Focus:**

- Determine which country should focus on each product using specialization (Calculate specialization: Point B for Albania, B' for Belize).

g) **Graph Post-Specialization Production:**

| | Albania | Belize |
|-----------------------|---------------|----------------|
| Production (with specialization B & B') | Corn: 600 | Beets: 300 | Corn: 300 | Beets:

**Title: Analyzing Trade Terms Between Two Economies**

**Introduction:**

Given that both economies have now agreed to trade, the focus is on determining the terms of trade between each country. To finalize this process, there was a meeting between the two countries’ permanent representatives to discuss trade terms, and four options were presented.

**Trade Options Presented:**

1. **Option 1:**
- 1 beet = 6 units of corn
- 1 corn = 0.4 units of beets

2. **Option 2:**
- 1.5 beets = 3.5 units of corn
- 1 corn = 0.52 units of beets

3. **Option 3:**
- 1 beet = 4 units of corn
- 1 corn = 0.4 units of beets

4. **Option 4:**
- 1 beet = 4 units of corn
- 1 corn = 0.10 units of beets

**Questions:**

i) What is the range of trade for both countries in terms of beets and corn?

j) Which option is the most acceptable for this situation? (Explain your reasoning.)

**Deliberation and Final Decision:**

After much deliberation, both countries decided to trade 40 beets for 160 bushels of corn.

**Calculating Outcomes:**

k) Complete the table below by filling point C (Albania) and C' (Belize) for the final results of each country’s production/consumption after trade:

| | Albania | | | Belize | |
|---------------|---------|-------|---------|--------|-------|
| | Corn | Beets | Corn | Beets |
| Production before trade (A & A') | 100 | 200 | 50 | 50 |
| Production with specialization (B & B') | 0 | 300 | 300 | 0 |
| Consumption/Results after trade (C & C') | 160 | 240 | 60 | 60 |
| Gains/Losses from trade (A-C & A’-C’) | 40 | 40 | 10 | 10 |

**Graphing and Analysis:**

l) After completing the

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