uppose that in the French compound of a POW camp, the price of cheese is 16 cigarettes per cheese ration and the price of tea is 4 garettes per tea ration. In the British compound, the price of tea is 24 cigarettes per ration. there an opportunity for beneficial exchange? French prisoner could exchange his cheese ration for cigarettes, then exchange the extra cigarettes for tea rations in the French ompound. If he travels to the British compound, he could exchange the extra tea for cigarettes. When he returns to the French ompound, he can exchange the extra cigarettes for cheese rations. In other words, his net gain from trade is cheese rations.

uppose that in the French compound of a POW camp, the price of cheese is 16 cigarettes per cheese ration and the price of tea is 4 garettes per tea ration. In the British compound, the price of tea is 24 cigarettes per ration. there an opportunity for beneficial exchange? French prisoner could exchange his cheese ration for cigarettes, then exchange the extra cigarettes for tea rations in the French ompound. If he travels to the British compound, he could exchange the extra tea for cigarettes. When he returns to the French ompound, he can exchange the extra cigarettes for cheese rations. In other words, his net gain from trade is cheese rations.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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