Can you help me answer the questions in the image In the following table, enter each country's production decision on the third row of the table (marked "Production").Suppose the country that produces jeans trades 18 million pairs of jeans to the other country in exchange for 54 million bushels of corn.In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," arenter each country's final consumption of each good on the line marked "Consumption.When the two countries did not specialize, the total production of jeans was 23 million pairs per week, and the total production of corn was 68 millebushels per week. Because of specialization, the total production of jeans has increased bymillion pairs per week, and the total productioncorn has increased bymillion bushels per week.Because the two countries produce more jeans and more corn under specialization, each country is able to gain from trade.Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of thtable. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption").FelicidadContenteJeansCornJeansCorn(Millions of pairs)(Millions of bushels)(Millions of pairs)(Millions of bushels)Without TradeProduction1520848Consumption1520848With TradeProductionTrade actionConsumptionGains from TradeIncrease in Consumption 3. Gains from tradeConsider two neighboring island countries called Felicidad and Contente. They each have 4 million labor hours available per week that they can use toproduce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.JeansCornCountry(Pairs per hour of labor)(Bushels per hour of labor)Felicidad20Contente816Initially, suppose Contente uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce corn, while Felicidad uses3 million hours of labor per week to produce jeans and 1 million hours per week to produce corn. Consequently, Felicidad produces 15 million pairs ofjeans and 20 million bushels of corn, and Contente produces 8 million pairs of jeans and 48 million bushels of corn. Assume there are no othercountries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn itproduces.Felicidad's opportunity cost of producing 1 pair of jeans isof corn, and Contente's opportunity cost of producing 1 pair of jeans isof corn. Therefore,has a comparative advantage in the production of jeans, andhas a comparativeadvantage in the production of corn.Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. Inthis case, the country that produces jeans will producemillion pairs per week, and the country that produces corn will producemillion bushels per week.

“Since you have asked multiple question, we will solve the first question for you. If you want any…

In the following table, enter each country's production decision on the third row of the table (marked "Production"). Suppose the country that produces jeans trades 18 million pairs of jeans to the other country in exchange for 54 million bushels of corn. In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," ar enter each country's final consumption of each good on the line marked "Consumption." When the two countries did not specialize, the total production of jeans was 23 million pairs per week, and the total production of corn was 68 milli bushels per week. Because of specialization, the total production of jeans has increased by million pairs per week, and the total production corn has increased by million bushels per week.

In the following table, enter each country's production decision on the third row of the table (marked "Production"). Suppose the country that produces jeans trades 18 million pairs of jeans to the other country in exchange for 54 million bushels of corn. In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," ar enter each country's final consumption of each good on the line marked "Consumption." When the two countries did not specialize, the total production of jeans was 23 million pairs per week, and the total production of corn was 68 milli bushels per week. Because of specialization, the total production of jeans has increased by million pairs per week, and the total production corn has increased by million bushels per week.

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

Can you help me answer the questions in the image

In the following table, enter each country's production decision on the third row of the table (marked "Production").
Suppose the country that produces jeans trades 18 million pairs of jeans to the other country in exchange for 54 million bushels of corn.
In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," ar
enter each country's final consumption of each good on the line marked "Consumption.
When the two countries did not specialize, the total production of jeans was 23 million pairs per week, and the total production of corn was 68 mille
bushels per week. Because of specialization, the total production of jeans has increased by
million pairs per week, and the total production
corn has increased by
million bushels per week.
Because the two countries produce more jeans and more corn under specialization, each country is able to gain from trade.
Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of th
table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption").
Felicidad
Contente
Jeans
Corn
Jeans
Corn
(Millions of pairs)
(Millions of bushels)
(Millions of pairs)
(Millions of bushels)
Without Trade
Production
15
20
8
48
Consumption
15
20
8
48
With Trade
Production
Trade action
Consumption
Gains from Trade
Increase in Consumption

3. Gains from trade
Consider two neighboring island countries called Felicidad and Contente. They each have 4 million labor hours available per week that they can use to
produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.
Jeans
Corn
Country
(Pairs per hour of labor)
(Bushels per hour of labor)
Felicidad
20
Contente
8
16
Initially, suppose Contente uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce corn, while Felicidad uses
3 million hours of labor per week to produce jeans and 1 million hours per week to produce corn. Consequently, Felicidad produces 15 million pairs of
jeans and 20 million bushels of corn, and Contente produces 8 million pairs of jeans and 48 million bushels of corn. Assume there are no other
countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn it
produces.
Felicidad's opportunity cost of producing 1 pair of jeans is
of corn, and Contente's opportunity cost of producing 1 pair of jeans is
of corn. Therefore,
has a comparative advantage in the production of jeans, and
has a comparative
advantage in the production of corn.
Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In
this case, the country that produces jeans will produce
million pairs per week, and the country that produces corn will produce
million bushels per week.

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