Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. The opportunity cost of producing a car in Canada is 15 is 1/15 ▼ cars. Use the blue line (circle symbol) to draw Canada's production possibilities frontier (PPF) on the following graph. Then use the black point (plus symbol) to indicate the consumption bundle Canada can achieve without trade if it chooses to consume 10 million cars. ? Cars (millions) 20 18 16 14 12 10 8 6 4 2 0 + 0 50 100 150 200 250 300 350 bushels of wheat, and the opportunity cost of producing a bushel of wheat in Canada Wheat (millions of bushels) 400 PPF + Without Trade With Trade

Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. The opportunity cost of producing a car in Canada is 15 is 1/15 ▼ cars. Use the blue line (circle symbol) to draw Canada's production possibilities frontier (PPF) on the following graph. Then use the black point (plus symbol) to indicate the consumption bundle Canada can achieve without trade if it chooses to consume 10 million cars. ? Cars (millions) 20 18 16 14 12 10 8 6 4 2 0 + 0 50 100 150 200 250 300 350 bushels of wheat, and the opportunity cost of producing a bushel of wheat in Canada Wheat (millions of bushels) 400 PPF + Without Trade With Trade

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 8SQ

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