Referring to your graphs, answer the following:Instructions: Enter your answers as whole numbers.b. What is each country's cost ratio of producing plums and apples?New Zealand's cost of producing 1 plum(s).apple(s)Spain's cost of producing 1 plum(s).apple(s)c. Which nation should specialize in which product?(Click to select)Suppose the optimum product mixes before specialization and trade were alternative B in New Zealand and alternative S in Spain.d. What would be the gains from specialization and trade?Gainsapple(s) andplum(s). The accompanying hypothetical production possibilities tables are for New Zealand and Spain. Each country can produce apples andplums.New Zealand's Production Possibilities Table(Millions of Bushels)Production Alternatives.ProductABсDApples0204060Plums151050Spain's Production Possibilities Table(Millions of Bushels)Production AlternativesProductRSTUApples0204060Plums6040200a. Plot the production possibilities data for each of the two countries separately. Show the trading possibilities lines for each nation ifthe actual terms of trade are 1 plum for 2 apples.Instructions: (1) Use the tools provided, 'PPC NZ' and 'PPC SP, (plot 4 points each) to draw the PPC curves. (2) Use thetool provided, 'TOT, in each diagram (plot 4 points each) to draw the trading possibilities lines for each nation. To earn full credit, youmust correctly plot all points for each line.New ZealandSpain80Tools140/120TOT60100402010 15 20 2530Plums (millions of bushels)Apples (millions of bushels)053540/PPC NZApples (millons of bushels)8060402001020 30 40 50 60Plums (millions of bushels)70 80Tools/PPC SP/ToT

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ons: Enter your answers as whole numbers. s each country's cost ratio of producing plums and apples? Zealand's cost of producing 1 plum(s). apple(s) 's cost of producing 1 plum(s). apple(s) nation should specialize in which product? to select) the optimum product mixes before specialization and trade were alternative B in New Zeal would be the gains from specialization and trade? apple(s) and plum(s).

ons: Enter your answers as whole numbers. s each country's cost ratio of producing plums and apples? Zealand's cost of producing 1 plum(s). apple(s) 's cost of producing 1 plum(s). apple(s) nation should specialize in which product? to select) the optimum product mixes before specialization and trade were alternative B in New Zeal would be the gains from specialization and trade? apple(s) and plum(s).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose Malaydia's production possibilities include a maximum of 150 units of rice and 250 units of lumber, and Canada's production possibilities include a maximum of 300 units of rice or 160 units of lumber. Then suppose each country initially allocates 50% of it's labor to producing each product. a. Total produxtion by the 2 countries equal of rice and lumber? b. Now suppose Malaysia increases the labor it allocates to kumber by 10%. Its lumber production rise by and it's rice production falls by. C. If Canada reallocates it's labor to increase its rice production by exactly the amount that Malaydia's rice production fell, by how much must it's lumber production fall? d. State the combines effects on total production of the reallocations in part b and c. Total production of rice changes by Total production of lumber changes by ____.
d. What are the terms of trade? Use PPCs and CPCs to show that each would be better off through specialization and trade. e. Of what principle does this question provide an example?
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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Refer to Table 1-1 Which country has an absolute advantage in the production of bread? Group of answer choices Derryland Whetonia
None
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