Please help with how to solve part G Suppose that Richland and Prosperity have the output figures shown in the table below.AVERAGE PRODUCT PER WORKERWheatWineRichland3 bushels1 bushels1 barrelsorProsperityor2 barrelsAssume that cost and productivity remain constant. Round your answers below to 2 decimal places.a. What is the opportunity cost of producing one bushel of wheat in Richland?1 bushel of wheat = [0.33 barrels of wine.b. What is the opportunity cost of producing one barrel of wine in Richland?1 barrel of wine =3 bushels of wheat.c. What is the opportunity cost of producing one bushel of wheat in Prosperity?1 bushel of wheat =|barrels of wine.d. What is the opportunity cost of producing one barrel of wine in Prosperity?1 barrel of wine0.5 bushels of wheat.e. In which product does Richland have a comparative advantage?Richland: Wheatf. In which product does Prosperity have a comparative advantage?Prosperity: Wineg. Fill in the missing production possibilities data for both countries in the table below. Assume that each country has a total of 10million workers.RICHLAND'S PRODUCTION POSSIBILITIES(millions of units)AВDEWheat3022.5157.5WinePROSPERITYS PRODUCTION POSSIBILITIES(millions of units)ABDWheatWine5101520Suppose that both countries are presently producing combination

Production possibility: - production possibility shows the different combinations of output that can…

Richland: Wheat f. In which product does Prosperity have a comparative advantage? Prosperity: Wine g. Fill in the missing production possibilities data for both countries in the table below. Assume that each country has a total of 10 million workers. RICHLAND'S PRODUCTION POSSIBILITIES (millions of units) A B E Wheat 30 22.5 15 7.5 Wine PROSPERITY'S PRODUCTION POSSIBILITIES (millions of units) A B D E Wheat Wine 10 15 20

Richland: Wheat f. In which product does Prosperity have a comparative advantage? Prosperity: Wine g. Fill in the missing production possibilities data for both countries in the table below. Assume that each country has a total of 10 million workers. RICHLAND'S PRODUCTION POSSIBILITIES (millions of units) A B E Wheat 30 22.5 15 7.5 Wine PROSPERITY'S PRODUCTION POSSIBILITIES (millions of units) A B D E Wheat Wine 10 15 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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