My question is how to complete the last part talking about the 1200 bushels of corn and 1000 tons of steel. The US, Mexico, and Canada all produce steel and corn. The table below shows the totalproduction for each good if the country specialized in that good. The units for the opportunitycost of producing corn will betons of steel per bushel of cornFill in the opportunity costof producing corn (just the value, no units) for each country in the table below. (Include twodecimal places.)CountrySteelCornOC of cornUS1000 tons 1000 bushels1Mexico100 tons500 bushels.2Canada700 tons100 bushels7The US has the absolute advantage in producing steel and cornМеxicohas a comparative advantage in producing corn.Canadahas a comparative advantage in producing steel.Consider the joint production possibility frontier (PPF) below representing the above situation.The graph is not drawn to scale.ComB DSteelWhat are the values marked on the axes?A = 1600bushels of cornB = 1500bushels of cornC =500bushels of cornD = 700tons of steelE = 1700tons of steelF = 1800tons of steelProducing 1000 bushels of corn and 900 tons of steel is infeasible andefficientSuppose the total production is 1200 bushels of corn and 1000 tons of steel. Then,• the US is producingbushels of corn andtons of steel,• Mexico is producingbushels of corn andtons of steel,• Canada is producingbushels of corn andtons of steel.

According to the Ricado's comparative advantage theory of trade a country should produce and export…

of producing corn (just the value, no units) for each country in the table below. (In decimal places.) Country Steel Corn OC of corn US 1000 tons 1000 bushels 1 Mexico 100 tons 500 bushels .2 Canada 700 tons 100 bushels 7 The US has the absolute advantage in producing steel and corn

of producing corn (just the value, no units) for each country in the table below. (In decimal places.) Country Steel Corn OC of corn US 1000 tons 1000 bushels 1 Mexico 100 tons 500 bushels .2 Canada 700 tons 100 bushels 7 The US has the absolute advantage in producing steel and corn

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

My question is how to complete the last part talking about the 1200 bushels of corn and 1000 tons of steel.

The US, Mexico, and Canada all produce steel and corn. The table below shows the total
production for each good if the country specialized in that good. The units for the opportunity
cost of producing corn will be
tons of steel per bushel of corn
Fill in the opportunity cost
of producing corn (just the value, no units) for each country in the table below. (Include two
decimal places.)
Country
Steel
Corn
OC of corn
US
1000 tons 1000 bushels
1
Mexico
100 tons
500 bushels
.2
Canada
700 tons
100 bushels
7
The US has the absolute advantage in producing steel and corn
Меxico
has a comparative advantage in producing corn.
Canada
has a comparative advantage in producing steel.
Consider the joint production possibility frontier (PPF) below representing the above situation.
The graph is not drawn to scale.
Com
B

D
Steel
What are the values marked on the axes?
A = 1600
bushels of corn
B = 1500
bushels of corn
C =
500
bushels of corn
D = 700
tons of steel
E = 1700
tons of steel
F = 1800
tons of steel
Producing 1000 bushels of corn and 900 tons of steel is infeasible and
efficient
Suppose the total production is 1200 bushels of corn and 1000 tons of steel. Then,
• the US is producing
bushels of corn and
tons of steel,
• Mexico is producing
bushels of corn and
tons of steel,
• Canada is producing
bushels of corn and
tons of steel.

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