Table 3-38 Iowa Nebraska Output produced in one growing season Corn 30 40 Soybeans 45 80 Refer to Table 3-38. Iowa and Nebraska can both produce corn and soybeans, and can switch between the production of corn and soybeans at a constant rate. The table illustrates the amount of corn or soybeans each state can produce in one growing season. At which of the following prices would both Iowa and Nebraska be able to gain from trade with each other? O a. 1.8 bushels of soybeans for 1 bushel of corn. b.2.5 bushels of soybeans for 1 bushel of corn, c. 1 bushel of soybeans for 1.7 bushels of corn. d. 3 bushels of corn for 1 bushel of soybeans.

Table 3-38 Iowa Nebraska Output produced in one growing season Corn 30 40 Soybeans 45 80 Refer to Table 3-38. Iowa and Nebraska can both produce corn and soybeans, and can switch between the production of corn and soybeans at a constant rate. The table illustrates the amount of corn or soybeans each state can produce in one growing season. At which of the following prices would both Iowa and Nebraska be able to gain from trade with each other? O a. 1.8 bushels of soybeans for 1 bushel of corn. b.2.5 bushels of soybeans for 1 bushel of corn, c. 1 bushel of soybeans for 1.7 bushels of corn. d. 3 bushels of corn for 1 bushel of soybeans.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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