wine 90 80 70 60 50 40 30 20 10- 0. 0 10 20 30 40 50 60 cloth - Portugal PPF CPF 90 wine 288888888 80 70 60 50 40 30 20 10 England PPF CPF 0. 0 10 20 30 40 50 60 cloth

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question

What is the relative price (opportunity cost) of cloth in England, before trade begins?

a. 1/2 yard of cloth 

b. 2 man-hours/bottle 

c. 1 bottle of wine 

d. 2 bottles of wine 

e. 3 bottles of wine 

wine
Portugal
90
80
70
60.
50
40
30
20
10
0
0 10 20 30 40 50 60
cloth
PPF
CPF
Wine
90.
80
70
60
50
40
30
20
10.
0
0
England
PPF
CPF
+
|
10 20 30 40 50 60
cloth
Transcribed Image Text:wine Portugal 90 80 70 60. 50 40 30 20 10 0 0 10 20 30 40 50 60 cloth PPF CPF Wine 90. 80 70 60 50 40 30 20 10. 0 0 England PPF CPF + | 10 20 30 40 50 60 cloth
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