The table below shows how many T-shirts or jeans can be made daily by one worker in Aquarius and Capricorn. T-Shirts Jeans Aquarius Capricorn 50 40 2. v is more efficient at producing T-shirts and Aquarius is more efficient at producing jeans. Enter your responses for a. Aquanus opportunity costs and terms of trade, below, rounded to 2 decimal places b. In Aquarius the opportunity cost of 1 pair of jeans is 10 T-shirts and the opportunity cost of 1 T-shirt is[ 01 jeans. In Capricorn the opportunity cost of 1 pair of jeans is 20 T-shirts and the opportunity cosf of 1 T-shirt is 005 jeans. c On the basis of comparative advantage (Click to select) v should specialize in the production of T-shirts and [(Click to select) v should specialize in the production of jeans. d. The terms of trade must be somewhere between 1 pair of jeans traded for 10 T-shirts in Aquarius and 1 pair of jeans traded for 20 T-shirts in Capricom. e. Suppose there are 200.000 workers in Aquarius and 300,000 workers in Capricorn, and before trade, half of each country's labour force makes each good. As a result of specialization and trade there is a gain in the two countries' output of both products with more T-shirts and Til more jeans,

The table below shows how many T-shirts or jeans can be made daily by one worker in Aquarius and Capricorn. T-Shirts Jeans Aquarius Capricorn 50 40 2. v is more efficient at producing T-shirts and Aquarius is more efficient at producing jeans. Enter your responses for a. Aquanus opportunity costs and terms of trade, below, rounded to 2 decimal places b. In Aquarius the opportunity cost of 1 pair of jeans is 10 T-shirts and the opportunity cost of 1 T-shirt is[ 01 jeans. In Capricorn the opportunity cost of 1 pair of jeans is 20 T-shirts and the opportunity cosf of 1 T-shirt is 005 jeans. c On the basis of comparative advantage (Click to select) v should specialize in the production of T-shirts and [(Click to select) v should specialize in the production of jeans. d. The terms of trade must be somewhere between 1 pair of jeans traded for 10 T-shirts in Aquarius and 1 pair of jeans traded for 20 T-shirts in Capricom. e. Suppose there are 200.000 workers in Aquarius and 300,000 workers in Capricorn, and before trade, half of each country's labour force makes each good. As a result of specialization and trade there is a gain in the two countries' output of both products with more T-shirts and Til more jeans,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6
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