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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," and 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 pistachios was 36 million pounds per day, and the total production of chinos was 104 36 million pounds per day, and the total million pairs per day. Because of specialization, the total production of pistachios has increased by production of chinos has increased by 48 million pairs per day. Because the two countries produce more pistachios and more chinos 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 the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Denali Pistachios (Millions of pounds) 12 12 Chinos (Millions of pairs) 72 72 Congaree Pistachios (Millions of pounds) 24 24 Chinos (Millions of pairs) 32 32

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," and 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 pistachios was 36 million pounds per day, and the total production of chinos was 104 36 million pounds per day, and the total million pairs per day. Because of specialization, the total production of pistachios has increased by production of chinos has increased by 48 million pairs per day. Because the two countries produce more pistachios and more chinos 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 the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Denali Pistachios (Millions of pounds) 12 12 Chinos (Millions of pairs) 72 72 Congaree Pistachios (Millions of pounds) 24 24 Chinos (Millions of pairs) 32 32

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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," and 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 pistachios was 36 million pounds per day, and the total production of chinos was 104 36 million pounds per day, and the total million pairs per day. Because of specialization, the total production of pistachios has increased by production of chinos has increased by 48 million pairs per day. Because the two countries produce more pistachios and more chinos under specialization, each country is able to gain from trade. Ca 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 the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Pistachios (Millions of pounds) 12 Denali 12 Chinos (Millions of pairs) 72 72 Pistachios (Millions of pounds) 24 Congaree 24 Chinos (Millions of pairs) 32 32
Transcribed Image Text: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," and 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 pistachios was 36 million pounds per day, and the total production of chinos was 104 36 million pounds per day, and the total million pairs per day. Because of specialization, the total production of pistachios has increased by production of chinos has increased by 48 million pairs per day. Because the two countries produce more pistachios and more chinos under specialization, each country is able to gain from trade. Ca 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 the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Without Trade Production Consumption With Trade Production Trade action Consumption Gains from Trade Increase in Consumption Pistachios (Millions of pounds) 12 Denali 12 Chinos (Millions of pairs) 72 72 Pistachios (Millions of pounds) 24 Congaree 24 Chinos (Millions of pairs) 32 32
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