United States can produce either 10 units of bread or 30 units of steel per labour hour. Canada can produce either 19 units of bread or 16 units of steel per labour hour. Suppose Canada follows its comparative advantage in deciding what to produce and trade with United States at a trade price of 2.39 units of steel for one unit of bread. For every 4030 units of the goods that Canada produces and trades with United States, what are Canada's gains from trade in terms of the other goods? Answer: units

United States can produce either 10 units of bread or 30 units of steel per labour hour. Canada can produce either 19 units of bread or 16 units of steel per labour hour. Suppose Canada follows its comparative advantage in deciding what to produce and trade with United States at a trade price of 2.39 units of steel for one unit of bread. For every 4030 units of the goods that Canada produces and trades with United States, what are Canada's gains from trade in terms of the other goods? Answer: 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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