Suppose Italy and Portugal produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in Italy and Portugal 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 Cloth Wine Italy 21 15 Portugal 3. 8. Suppose that Italy and Portugal do not trade with each other. Each has 1000 hours of labor with which to produce cloth and wine, and the countries are currently producing amounts of each good shown in the table below/ Consumption with 1000 Hours of Labor Cloth Wine Italy 18900 1500 Portugal 1500 4000 Assume now that each country specializes in producing the good in which it has a comparative advantage. Further, assume for simplicity that one unit of cloth can be traded for one unit of wine. If Italy trades 1500 units of cloth for 1500 units of wine with Portugal, then, with trade, Italy will be able to consume the same amount of wine and ? additional units of cloth, and Portugal will be able to consume the same amount of cloth and ? additional units wine. Ask a Question

Suppose Italy and Portugal produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in Italy and Portugal 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 Cloth Wine Italy 21 15 Portugal 3. 8. Suppose that Italy and Portugal do not trade with each other. Each has 1000 hours of labor with which to produce cloth and wine, and the countries are currently producing amounts of each good shown in the table below/ Consumption with 1000 Hours of Labor Cloth Wine Italy 18900 1500 Portugal 1500 4000 Assume now that each country specializes in producing the good in which it has a comparative advantage. Further, assume for simplicity that one unit of cloth can be traded for one unit of wine. If Italy trades 1500 units of cloth for 1500 units of wine with Portugal, then, with trade, Italy will be able to consume the same amount of wine and ? additional units of cloth, and Portugal will be able to consume the same amount of cloth and ? additional units wine. Ask a Question

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please see attached information and fill in the ?. Thanks!

Suppose Italy and Portugal produce only cloth and
wine. Assume that each country uses only labor to
produce each good, and that the cloth and wine
made in Italy and Portugal 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
Cloth Wine
Italy
21
15
Portugal
3.
8.
Suppose that Italy and Portugal do not trade with
each other. Each has 1000 hours of labor with
which to produce cloth and wine, and the countries
are currently producing amounts of each good
shown in the table below/
Consumption with 1000 Hours of Labor
Cloth Wine
Italy
18900 1500
Portugal
1500
4000
Assume now that each country specializes in
producing the good in which it has a comparative
advantage. Further, assume for simplicity that one
unit of cloth can be traded for one unit of wine.
If Italy trades 1500 units of cloth for 1500 units of
wine with Portugal, then, with trade, Italy will be
able to consume the same amount of wine and ?
additional units of cloth, and Portugal will be able
to consume the same amount of cloth and ?
additional units wine.
Ask a Question

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