Suppose the total production is 1200 bushels of corn and 1000 tons of steel. Then, • the US is producing bushels of corn and tons of steel, • Mexico is producing bushels of corn and tons of steel, • Canada is producing bushels of corn and tons of steel.
Suppose the total production is 1200 bushels of corn and 1000 tons of steel. Then, • the US is producing bushels of corn and tons of steel, • Mexico is producing bushels of corn and tons of steel, • Canada is producing bushels of corn and tons of steel.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Can you help me answer the last blank sentences
![The US has the absolute advantage in producing steel and corn
Mexico
has a comparative advantage in producing corn.
Canada
has a comparative advantage in producing steel.
Consider the joint production possibility frontier (PPF) below representing the above situation.
The graph is not drawn to scale.
Com
Steel
What are the values marked on the axes?
A =
1600
bushels of corn
B = 1500
bushels of corn
C =
500
bushels of corn
D =
700
tons of steel
E =
1700
tons of steel
F =
1800
tons of steel
Producing 1000 bushels of corn and 900 tons of steel is
feasible
and
efficient
Suppose the total production is 1200 bushels of corn and 1000 tons of steel. Then,
the US is producing
bushels of corn and
tons of steel,
Mexico is producing
bushels of corn and
tons of steel,
Canada is producing
bushels of corn and
tons of steel.
Please answer all parts of the question.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2a9f1f77-996d-4872-99b9-7512aca31a68%2F69d20e60-5b1b-4a08-9d7b-a7e5694de9ea%2Fwq5jeyo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The US has the absolute advantage in producing steel and corn
Mexico
has a comparative advantage in producing corn.
Canada
has a comparative advantage in producing steel.
Consider the joint production possibility frontier (PPF) below representing the above situation.
The graph is not drawn to scale.
Com
Steel
What are the values marked on the axes?
A =
1600
bushels of corn
B = 1500
bushels of corn
C =
500
bushels of corn
D =
700
tons of steel
E =
1700
tons of steel
F =
1800
tons of steel
Producing 1000 bushels of corn and 900 tons of steel is
feasible
and
efficient
Suppose the total production is 1200 bushels of corn and 1000 tons of steel. Then,
the US is producing
bushels of corn and
tons of steel,
Mexico is producing
bushels of corn and
tons of steel,
Canada is producing
bushels of corn and
tons of steel.
Please answer all parts of the question.
![The US, Mexico, and Canada all produce steel and corn. The table below shows the total production for each good if the country specialized in that good. The units for the opportunity
cost of producing corn will be tons of steel per bushel of corn Fill in the opportunity cost of producing corn (just the value, no units) for each country in the table below. (Include
two decimal places.)
Country Steel
Corn
OC of corn
US
1000 tons 1000 bushels
1
Mexico
100 tons
500 bushels
0.2
Canada
700 tons
100 bushels
The US has the absolute advantage in producing steel and corn
Mexico
수
has a comparative advantage in producing corn.
Canada
has a comparative advantage in producing steel.
수
Consider the joint production possibility frontier (PPF) below representing the above situation.
The graph is not drawn to scale.
Com
F
Steel
What are the values marked on the axes?
A =
1600
bushels of corn
B =
1500
bushels of corn
C = 500
bushels of corn
D =
700
tons of steel
E =
1700
tons of steel
F =
1800
tons of steel](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2a9f1f77-996d-4872-99b9-7512aca31a68%2F69d20e60-5b1b-4a08-9d7b-a7e5694de9ea%2Fpl8x8we_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The US, Mexico, and Canada all produce steel and corn. The table below shows the total production for each good if the country specialized in that good. The units for the opportunity
cost of producing corn will be tons of steel per bushel of corn Fill in the opportunity cost of producing corn (just the value, no units) for each country in the table below. (Include
two decimal places.)
Country Steel
Corn
OC of corn
US
1000 tons 1000 bushels
1
Mexico
100 tons
500 bushels
0.2
Canada
700 tons
100 bushels
The US has the absolute advantage in producing steel and corn
Mexico
수
has a comparative advantage in producing corn.
Canada
has a comparative advantage in producing steel.
수
Consider the joint production possibility frontier (PPF) below representing the above situation.
The graph is not drawn to scale.
Com
F
Steel
What are the values marked on the axes?
A =
1600
bushels of corn
B =
1500
bushels of corn
C = 500
bushels of corn
D =
700
tons of steel
E =
1700
tons of steel
F =
1800
tons of steel
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