The table below shows the production possibilities for Concordia and Harmonia. CONCORDIA'S PRODUCTION Product Pork D...

  

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The table below shows the production possibilities for Concordia and Harmonia. CONCORDIA'S PRODUCTION Product Pork D 16 12 8 4 Beans 10 15 20 HARMONIA'S PRODUCTION Product A D Pork 16 12 8 Beans e 6 12 18 24 a. What are the costs of the two products in each country? Round your answers below to 2 decimal places. Concordia: 1 unit of pork costs 1 unit of beans costs 1.25 beans. 0.80 units of pork. Harmonia: 1 unit of pork costs 1 unit of beans costs 1.5 beans. 0.67 units of pork. Harmonia: 1 unit of pork costs 1 unit of beans costs 1.5 beans. 0.67 units of pork. b. Which products should each country specialize in and export? Concordia: Pork Harmonia: Beans c. If, prior to specialization and trade, Concordia produced combination D and Harmonia produced combination B, what would be the total gains from trade? Pork: Beans: d. What would be the range of feasible terms of trade between the two countries? Feasible terms of trade 1 unit of pork between and bean 1 bean between units of pork and The table below shows the production possibilities for Concordia and Harmonia. CONCORDIA'S PRODUCTION Product Pork D 16 12 8 4 Beans 10 15 20 HARMONIA'S PRODUCTION Product A D Pork 16 12 8 Beans e 6 12 18 24 a. What are the costs of the two products in each country? Round your answers below to 2 decimal places. Concordia: 1 unit of pork costs 1 unit of beans costs 1.25 beans. 0.80 units of pork. Harmonia: 1 unit of pork costs 1 unit of beans costs 1.5 beans. 0.67 units of pork. Harmonia: 1 unit of pork costs 1 unit of beans costs 1.5 beans. 0.67 units of pork. b. Which products should each country specialize in and export? Concordia: Pork Harmonia: Beans c. If, prior to specialization and trade, Concordia produced combination D and Harmonia produced combination B, what would be the total gains from trade? Pork: Beans: d. What would be the range of feasible terms of trade between the two countries? Feasible terms of trade 1 unit of pork between and bean 1 bean between units of pork and

Answer rating: 100% (QA)

a Concordia 1 unit of pork costs 54 125 beans 1 unit of beans costs 45 08 units of pork H... View the full answer