I need c ApparelChemicals(tons)1632486480Instructions: Enter your answers as whole numbers.a. Are comparative-cost conditions such that the two countries should specialize?YesIf so, what product should each produce?China should produce apparelThe United States should produce chemicals Ob. What is the total gain in apparel and chemical output that would result from such specialization?Apparel: 8000unitsChemicals:8.ton(s)c. What are the limits of the terms of trade?1000units of apparel for 1 ton of chemicals and1000 O units of apparel for 2 tons of chemicals.Suppose that the actual terms of trade are 1,000 units of apparel for 12 tons of chemicals and that 16,000 units of apparel areexchanged for 24 tons of chemicals. What are the gains from specialization and trade for each nation?China O has a gain of2 units of apparel.The United StatesO has a gain of1 8 ton(s) of chemicals. The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization andtrade the optimal product mix for China is alternative B and for the United States is alternative U.China Production PossibilitiesProductABApparelChemicals (tons)120,00096,00072,00048,00024,00024487296120U.S. Production PossibilitiesProductRT.UVWApparelChemicals (tons)40,00032,00024,00016,00008,0001632486480Instructions: Enter your answers as whole numbers.a. Are comparative-cost conditions such that the two countries should specialize?YesIf so, what product should each produce?China should produce apparelOThe United States should produce chemicals Ob. What is the total gain in apparel and chemical output that would result from such specialization?Apparel: 8000unitsChemicals:8 O ton(s)c. What are the limits of the terms of trade?1000 O units of apparel for 1 ton of chemicals and1000 O units of apparel for 2 tons of chemicals.

Two country's China and US has been given to us in the question showing their various production…

Suppose that the actual terms of trade are 1,000 units of apparel for 12 tons of chemicals and that 16,000 units of apparel are exchanged for 24 tons of chemicals. What are the gains from specialization and trade for each nation? China O has a gain of 2 8 units of apparel. The United States has a gain of 1 ton(s) of chemicals.

Suppose that the actual terms of trade are 1,000 units of apparel for 12 tons of chemicals and that 16,000 units of apparel are exchanged for 24 tons of chemicals. What are the gains from specialization and trade for each nation? China O has a gain of 2 8 units of apparel. The United States has a gain of 1 ton(s) of chemicals.

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

I need c

Apparel
Chemicals(tons)
16
32
48
64
80
Instructions: Enter your answers as whole numbers.
a. Are comparative-cost conditions such that the two countries should specialize?
Yes
If so, what product should each produce?
China should produce apparel
The United States should produce chemicals O
b. What is the total gain in apparel and chemical output that would result from such specialization?
Apparel: 8000
units
Chemicals:
8.
ton(s)
c. What are the limits of the terms of trade?
1000
units of apparel for 1 ton of chemicals and
1000 O units of apparel for 2 tons of chemicals.
Suppose that the actual terms of trade are 1,000 units of apparel for 12 tons of chemicals and that 16,000 units of apparel are
exchanged for 24 tons of chemicals. What are the gains from specialization and trade for each nation?
China O has a gain of
2 units of apparel.
The United States
O has a gain of
1 8 ton(s) of chemicals.

The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and
trade the optimal product mix for China is alternative B and for the United States is alternative U.
China Production Possibilities
Product
A
B
Apparel
Chemicals (tons)
120,000
96,000
72,000
48,000
24,000
24
48
72
96
120
U.S. Production Possibilities
Product
R
T.
U
V
W
Apparel
Chemicals (tons)
40,000
32,000
24,000
16,0000
8,000
16
32
48
64
80
Instructions: Enter your answers as whole numbers.
a. Are comparative-cost conditions such that the two countries should specialize?
Yes
If so, what product should each produce?
China should produce apparelO
The United States should produce chemicals O
b. What is the total gain in apparel and chemical output that would result from such specialization?
Apparel: 8000
units
Chemicals:
8 O ton(s)
c. What are the limits of the terms of trade?
1000 O units of apparel for 1 ton of chemicals and
1000 O units of apparel for 2 tons of chemicals.

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