Suppose China and Great Britain produce only cell phones and digital music players. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in China and Great Britain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor: Output per Hour of Labor Cell Phones Digital Music Players China Great Britain 21 13 4 9 Suppose that China and Great Britain do not trade with each other. Each has 500 hours of labor with which to produce cell phones and digital music players, and the countries are currently producing amounts of each good shown in the table below: Consumption with 500 Hours of Labor Digital Music Players China Great Britain Cell Phones 9,450 650 650 3,038 Assume now that each country specializes in producing that good in which it has a comparative advantage. Further, assume for simplicity that one cell phone can be traded for one digital music player. If China trades 650 cell phones for 650 digital music players with Great Britain, then, with trade, China will be able to consume the same number of digital music players and additional cell phones (enter a numeric response using an integer)

Suppose China and Great Britain produce only cell phones and digital music players. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in China and Great Britain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor: Output per Hour of Labor Cell Phones Digital Music Players China Great Britain 21 13 4 9 Suppose that China and Great Britain do not trade with each other. Each has 500 hours of labor with which to produce cell phones and digital music players, and the countries are currently producing amounts of each good shown in the table below: Consumption with 500 Hours of Labor Digital Music Players China Great Britain Cell Phones 9,450 650 650 3,038 Assume now that each country specializes in producing that good in which it has a comparative advantage. Further, assume for simplicity that one cell phone can be traded for one digital music player. If China trades 650 cell phones for 650 digital music players with Great Britain, then, with trade, China will be able to consume the same number of digital music players and additional cell phones (enter a numeric response using an integer)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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