Are the numbers correct 161688816243240485664816243240485664GRAIN (Millions of pounds)GRAIN (Millions of pounds)Maldonia has a comparative advantage in the production ofsugarwhile Lamponia has a comparative advantage in the▼ . Suppose that Maldonia and Lamponia specialize in the production of the goods in which each has a48 million pounds ofproduction ofgrain48 million pounds of sugar andcomparative advantage. After specialization, the two countries can produce a total ofgrain.Suppose that Maldonia and Lamponia agree to trade. Each country focuses its resources on producing only the good in which it has a comparativeadvantage. The countries decide to exchange 24 million pounds of grain for 24 million pounds of sugar. This ratio of goods is known as the price oftrade between Maldonia and Lamponia.The following graph shows the same PPF for Maldonia as before, as well as its initial consumption at point A. Place a black point (plus symbol) on thegraph to indicate Maldonia's consumption after trade.Note: Dashed drop lines will automatically extend to both axes.MaldoniaSUGAR (SUGAR = When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than Itstrading partner. Then the country will specialize in the production of this good and trade it for other goods.The following graphs show the production possibilities frontiers (PPFS) for Maldonia and Lamponia. Both countries produce grain and sugar, eachinitially (1.e., before specialization and trade) producing 24 million pounds of grain and 12 million pounds of sugar, as indicated by the grey starsmarked with the letter A.?)MaldoniaLamponia6464565648PPF48404032322424PPF1616--- -880 81624324048566416243240485664GRAIN (Millions of pounds)GRAIN (Millions of pounds)Maldonia has a comparative advantage in the production ofsugarwhile Lamponia has a comparative advantage in theMacBook AirSUGAR (Millions of pounds)SUGAR (Millions of pounds)本-

Introduction: The potential benefits that an individual, investor, or organization loses out on by…

Maldonia has a comparative advantage in the production of while Lamponia has a comparative advantage in the sugar . Suppose that Maldonia and Lamponia specialize in the production of the goods in which each has a 48 million pounds of production of grain comparative advantage. After specialization, the two countries can produce a total of 48 million pounds of sugar and grain. Suppose that Maldonia and Lamponia agree to trade. Each country focuses its resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 24 million pounds of grain for 24 million pounds of sugar. This ratio of goods is known as the price of trade between Maldonia and Lamponia.

Maldonia has a comparative advantage in the production of while Lamponia has a comparative advantage in the sugar . Suppose that Maldonia and Lamponia specialize in the production of the goods in which each has a 48 million pounds of production of grain comparative advantage. After specialization, the two countries can produce a total of 48 million pounds of sugar and grain. Suppose that Maldonia and Lamponia agree to trade. Each country focuses its resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 24 million pounds of grain for 24 million pounds of sugar. This ratio of goods is known as the price of trade between Maldonia and Lamponia.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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