South Africa and Madagascar have the same number of resources. South Africa can produce either 700 tonnes of iron ore or 3200 vanilla beans. Madagascar can produce either 400 tonnes of iron ore or 2800 vanilla beans. After specializing in the good in which it has a comparative advantage, the two countries decide to trade with one another at a relative price of 1 tonnes of iron ore for 4 vanilla beans. Your answer to the blanks below should include only numbers. Do not include the comma (.) in your answer. Round your answer to the nearest integer, if necessary. As a result of specialization and trade, South Africa's consumption possibility frontier will be a straight line with a iron ore intercept of 350 and a vanilla bean intercept of 5000 tonnes

South Africa and Madagascar have the same number of resources. South Africa can produce either 700 tonnes of iron ore or 3200 vanilla beans. Madagascar can produce either 400 tonnes of iron ore or 2800 vanilla beans. After specializing in the good in which it has a comparative advantage, the two countries decide to trade with one another at a relative price of 1 tonnes of iron ore for 4 vanilla beans. Your answer to the blanks below should include only numbers. Do not include the comma (.) in your answer. Round your answer to the nearest integer, if necessary. As a result of specialization and trade, South Africa's consumption possibility frontier will be a straight line with a iron ore intercept of 350 and a vanilla bean intercept of 5000 tonnes

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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