Answer all parts..... If not I ll downvote 11:05 PM O Å M96Country ACountry BCoffeeTeaCoffeeТea50 pounds 0 pounds30 pounds 0 poundsO pounds 100 pounds 0 pounds 120 poundsSuppose Country A and Country B are the onlytwo countries on planet Economia and theycan only produce two goods; coffee and tea.The tables above describe their differentproduction possibilities.1. If both countries do not trade and simplysplit their resources equally in theproduction of coffee and tea, how muchcoffee and tea will exist in Economia?2. Which country has the lower opportunitycost in the production of coffee? Whichcountry has a lower opportunity cost in theproduction of tea?3. If Country A and Country B decide tospecialize in the production of the good inwhich they have a comparative advantagein, which good will Country A produce?Which good will Country B produce?4. If both Country A and Country B produceonly the good in which they have acomparative advantage in, how muchcoffee and tea will exist in Economia?5. Do gains from specialization and tradeexist? Explain why or why not.

The production possibility frontier (PPF) is a curve that is used to discover the mix of products…

4. If both Country A and Country B produce only the good in which they have a comparative advantage in, how much coffee and tea will exist in Economia? 5. Do gains from specialization and trade exist? Explain why or why not.

4. If both Country A and Country B produce only the good in which they have a comparative advantage in, how much coffee and tea will exist in Economia? 5. Do gains from specialization and trade exist? Explain why or why not.

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

Answer all parts..... If not I ll downvote

11:05 PM O Å M
96
Country A
Country B
Coffee
Tea
Coffee
Тea
50 pounds 0 pounds
30 pounds 0 pounds
O pounds 100 pounds 0 pounds 120 pounds
Suppose Country A and Country B are the only
two countries on planet Economia and they
can only produce two goods; coffee and tea.
The tables above describe their different
production possibilities.
1. If both countries do not trade and simply
split their resources equally in the
production of coffee and tea, how much
coffee and tea will exist in Economia?
2. Which country has the lower opportunity
cost in the production of coffee? Which
country has a lower opportunity cost in the
production of tea?
3. If Country A and Country B decide to
specialize in the production of the good in
which they have a comparative advantage
in, which good will Country A produce?
Which good will Country B produce?
4. If both Country A and Country B produce
only the good in which they have a
comparative advantage in, how much
coffee and tea will exist in Economia?
5. Do gains from specialization and trade
exist? Explain why or why not.

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