Suppose that there are 10,000 hours of labor available in Canada, and that 15 hours of labor are required to produce one unit of cotton,while 5 hours are required to produce one unit of butter. When trade occurs, the world relative price of cotton (in terms of butter) is 2,and Canada exports 800 units of butter. Find out Canada's imports of cotton would beunits.Note: If your answer is an integer, please put in an integer. If your answer is a fraction, please simplify it or convert it to adecimal.

10000 hours of labor available in canada 15 hours of labor required to produce 1 unit of cotton 5…

Answered: Suppose that there are 10,000 hours of…

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Suppose that there are 10,000 hours of labor available in Canada, and that 15 hour

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Chapter1: Making Economics Decisions

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Question

Suppose that there are 10,000 hours of labor available in Canada, and that 15 hours of labor are required to produce one unit of cotton,
while 5 hours are required to produce one unit of butter. When trade occurs, the world relative price of cotton (in terms of butter) is 2,
and Canada exports 800 units of butter. Find out Canada's imports of cotton would be
units.
Note: If your answer is an integer, please put in an integer. If your answer is a fraction, please simplify it or convert it to a
decimal.

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