Please read carefully and solve I will definitely rate. Thank you 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 D and for the United States is alternative S.China Production PossibilitiesProductB.DF8,000ApparelChemicals(tons)6,000818,0004,000122,00041620U.S. Production PossibilitiesProductApparelChemicals(tons)RV30,00018,e001212,0000186,0002424,000630Instructions: Enter your answers as whole numbers.a. Are comparative-cost conditions such that the two countries should specialize?(Click to select)If so, what product should each produce?China should produce (Click to select) .The United States should produce (Click to select)b. What is the total gain in apparel and chemical output that would result from such specialization?Apparel:unitsChemicals:ton(s) Instructions: Enter your answers as whole numbers.a. Are comparative-cost conditions such that the two countries should specialize?(Click to select) :If so, what product should each produce?China should produce IClick to select) :The United States should produce Click to select) :b. What is the total gain in apparel and chemical output that would result from such specialization?Apparel:unitsChemicals:ton(s)c. What are the limits of the terms of trade?Junits of apparel for 1 ton of chemicals and|units of apparel for 2 tons of chemicals.Suppose that the actual terms of trade are 1,000 units of apparel for 1% tons of chemicals and that 4,000 units of apparel areexchanged for 6 tons of chemicals. What are the gains from specialization and trade for each nation?(Click to select) e has a gain ofunits of apparel.(Click to select): has a gain ofton(s) of chemicals.

* SOLUTION :- * From given data, (A) We observe that the constant opportunity cost for producing…

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 D and for the United States is alternative S. China Production Possibilities Product Аpparel Chemicals(tons) B. D F 10,000 8,000 6,000 8 4,000 12 2,000 4 16 20 U.S. Production Possibilities Product R V 30,000 Apparel Chemicals(tons) 18, e00 12 12,0000 18 6,000 24 24,000 6 30 Instructions: Enter your answers as whole numbers. a. Are comparative-cost conditions such that the two countries should specialize? (Click to select) If so, what product should each produce? China should produce (Click to select) £) The United States should produce Click to select) b. What is the total gain in apparel and chemical output that would result from such specialization? Apparel: units

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 D and for the United States is alternative S. China Production Possibilities Product Аpparel Chemicals(tons) B. D F 10,000 8,000 6,000 8 4,000 12 2,000 4 16 20 U.S. Production Possibilities Product R V 30,000 Apparel Chemicals(tons) 18, e00 12 12,0000 18 6,000 24 24,000 6 30 Instructions: Enter your answers as whole numbers. a. Are comparative-cost conditions such that the two countries should specialize? (Click to select) If so, what product should each produce? China should produce (Click to select) £) The United States should produce Click to select) b. What is the total gain in apparel and chemical output that would result from such specialization? Apparel: units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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