Unit Labor Requirements (a)ClothWidgetsHome100200Foreign4020B. Suppose that the labor force in the home country is 10,000 and that in the foreign country is2,000. What is the pattern of production and the pattern of trade when P/Pw= 1/3, P/Pw=1/2, P/P= 1, P/P= 2 and P/P,= 3? Draw the production and consumption possibilitiesfrontiers with correct intercepts and slopes for both countries for each case. Use thehorizontal axis for widgets.

Production Possibilities Frontier (PPF) and Consumption Possibilities Frontier (CPF) are monetary…

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ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Unit Labor Requirements (a)
Cloth
Widgets
Home
100
200
Foreign
40
20
B. Suppose that the labor force in the home country is 10,000 and that in the foreign country is
2,000. What is the pattern of production and the pattern of trade when P/Pw= 1/3, P/Pw=
1/2, P/P= 1, P/P= 2 and P/P,= 3? Draw the production and consumption possibilities
frontiers with correct intercepts and slopes for both countries for each case. Use the
horizontal axis for widgets.

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Step 1: Define Production Possibilities Frontier and Consumption Possibilities Frontier

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Step 2: Explain the pattern of production & the pattern of trade when P/Pw= 1/3, P/P 1/2, PP 1, P/P2 & P/P 3

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Step 3: Explain the diagram

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