Suppose a worker in Germany can produce 15 cars or 5 tonnes of grain per month. Suppose a worker in Poland can produce 4 cars or 4 tonnes of grain per month. For simplicity, assume that each country has only one worker. a. Fill out the following table? Cars in number Grain in tonnes Germany Poland b. Graph the production possibilities frontier for each country? c. What is the opportunity cost of a Car in Germany? What is the opportunity cost of a tonne of Grain in Germany? d. What is the opportunity cost of a Car in Poland? What is the opportunity cost of a ton of Grain in Poland?
Suppose a worker in Germany can produce 15 cars or 5 tonnes of grain per month. Suppose a worker in Poland can produce 4 cars or 4 tonnes of grain per month. For simplicity, assume that each country has only one worker. a. Fill out the following table? Cars in number Grain in tonnes Germany Poland b. Graph the production possibilities frontier for each country? c. What is the opportunity cost of a Car in Germany? What is the opportunity cost of a tonne of Grain in Germany? d. What is the opportunity cost of a Car in Poland? What is the opportunity cost of a ton of Grain in Poland?
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains Rrom Trade
Section: Chapter Questions
Problem 2PA
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