\fIl Question 5: [112! points} Given the data in the graph below, answer the following questions. Nation X Nation Y hi Steel Steel Wheat Wheat Part 1. The opportunity cost for 1 unit of wheat in nation Y is Part 2. The opportunity cost for 1 unit of Steel in nation Y is Part 3. The opportunity cost for 1 unit of wheat in nation X is Part 4. The opportunity cost for 1 unit of Steel in nation X is For the following questions use the numeric answer key below {Answer 1, 2 or 3): 1 = Country X 2 = Country Y 3 = Neither Country Part 5. Which Nation has an absolute adyantage in production of Steel Part I5. Which Nation has an absolute adyantage in production of Wheat Part 3". Which Nation has a coinparatiye advantage in production of Steel Part 8. Which Nation has a coinparatiye advantage in production of Wheat Part 9. Which Nation should specialize in the production of steel Put It]. Which Nation should specialize in the production of Wheat \fQuestion 17: (8 points) Given the following table: OUTPUT TOTAL COST 8 482488 QUA WN- O Part 1: The TVC of producing 4 units of output is Part 2: The AFC of producing 6 units of output is: Part 3: The marginal cost of producing the fifth unit of output is: Part 4: The ATC of producing 5 units of output is: Question 18: (8 points) Using the data in the table below, answer the following questions: Total Product Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost SO 350 175 525 350 525 N 275 175 137.5 875 108.333333 225 Question 19: (1 point) Fill in the blanks When average variable cost is at a minimum . marginal cost is_ Question 20: (1 point) Fill in the blanks: When marginal product is less than average product, average product is