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7:49 O courses.yorkvilleu.ca LTE l. Suppose you have the following economic resources: 100 workers, $100 million worth of capital and land. Fill out the table given below by creating your own numbers (remember: to produce more of any good, you have to give up some of the other good). Products Combinations Product A Product B c a After completing the table, graph the production possibilities frontier. Put Product A on the horizontal axis and Product B on the vertical axis. Be sure to identify the output combination points on your diagram. b. Calculate the opportunity cost of Product A and B for all combinations. 2. The following table shows the amount of good A and good B that two countries could produce if they devoted all their resources to that good. For example, if Canada uses all their resources to produce Good A, then Canada can produce 200 Good A. Assume both countries have the same amount of resources and the trade- off between good A and good B remains constant as resources are shifted from one good to another. Canada USA Good A 250 350 GoodB 1000 700 a . Which country has the absolute advantage in good A? In good B? b . What is Canada's opportunity cost of producing good A? good B? c . What is USA's opportunity cost of producing good A? good B? d . Which country has the comparative advantage in good A? In good B? BUSI 1083 MICROECONOMICS 1