Answered: Refer to the production possibilities…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Refer to the production possibilities curves for Chairland and Tableland. Chairland can produce 36 chairs per day and no tables, or 18 tables table per day and no chairs. Tableland can produce 40 chairs per day and no tables, or 40 tables per day and no chairs. If the two countries split the difference between the buyer's willingness to pay for tables and the seller's willingness to accept, in terms of the number of chairs for 1 table, the terms of trade will be . (Enter your response rounded to one decimal place.)

Country	Quantity per day	Opportunity cost of chairs	Opportuity cost of tables
Tableland	40 chairs, 40 tables	1 table	1 chair
Chairland	36 chairs, 18 tables	1/2 table	2 chairs

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