In the figure below, AB is the production-possibility curve of Canada. The line PQ shows the price ratio of one bushel of wheat/bale of cotton. The international price ratio is 0.25 bushels of wheat/bale of cotton as shown by the line RS. I, and I, are two of the community indifference curves of Canada. After Canada engages in free trade, it will: Wheat (bushels) P. 80 60 50 25 Canada 65 Co 85 Cotton (bales) O produce and consume points not labeled in the graph. produce at point S, and consume at point Co produce and consume at point Co produce at point S, and consume at point C₁

In the figure below, AB is the production-possibility curve of Canada. The line PQ shows the price ratio of one bushel of wheat/bale of cotton. The international price ratio is 0.25 bushels of wheat/bale of cotton as shown by the line RS. I, and I, are two of the community indifference curves of Canada. After Canada engages in free trade, it will: Wheat (bushels) P. 80 60 50 25 Canada 65 Co 85 Cotton (bales) O produce and consume points not labeled in the graph. produce at point S, and consume at point Co produce and consume at point Co produce at point S, and consume at point C₁

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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