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Question
Submitted by tigger04 on Sat, 2013-07-20 10:03
due on Sun, 2013-07-21 10:00
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1,000 words paper econ

Suppose that there are two products: clothing and soda. Both Brazil and the United States produce each product. Brazil produces 100,000 units of clothing per year and 50,000 cans of soda. The United States produces 65,000 units of clothing per year and 250,000 cans of soda. Assume that costs remain constant.

  • What would be the production possibility frontiers for Brazil and the United States?
    • Without trade, the United States produces 45,000 units of clothing and 150,000 cans of soda.
    • Without trade, Brazil produces 75,000 units of clothing and 30,000 cans of soda.
    • Denote these points on each other’s production possibility frontier.
  • What is the marginal transformation rate for each country?
    • Should the two countries specialize and trade?
    • If so, who has the comparative advantage in what product?
    • Once they specialize, how much does output increase?
  • What are the terms of trade if the United States trades 1 can of soda for 5 units of clothing?
    • Are the consumers in each country better off?
  • What is the labor-intensive good?
  • What is the labor-abundant country?
  • What is the capital-abundant country?
  • Could trade help reduce poverty in Brazil and other developing countries?
  • How do product and factor prices and wages eventually equalize between the two countries?
Answer
Submitted by phyllis young on Sun, 2013-07-21 14:00
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The production Possibility Frontier of both xxxxxxxxx assumes that the xxxxxx States xxx set most of xxx xxxxxxxxx on xxx production of cans xx xxxx while xxxxxx has xxx more xxxxxxxxx xx xxx production of xxxxxx xxxxx producing xxxx xxxxxxx than the United States. xxx xx all, the production xx Clothes xx xxxxxx xx backed xx xx xxx xxxxx production of xxxxxx in xxx country xxxxxxxx xx xxx xxxxxx States. xxxx xx xxx of the main xxxxxxx xxx xxx xxxxxx States leads in the xxxxxxxxxx xx xxxx xxxxx xxxxxx xxxxx in xxx production xx xxxxxxxx xxxxx statistics point to the xxxxxxxxxx Possibility Frontiers xx both countries that x xxxxxxx xxxx xxxxxxx xxxx the xxxxxxxx xxxxxx of xxxxx xxxxxxx and entrepreneurship and xxxx the limited supply xx economic xxxxxxxxxx so the xxx of xxxxxx xxxxx x maximum

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Answer
Submitted by Prof. MGK on Sun, 2015-05-31 07:03
teacher rated 211 times
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1,000 words paper econ

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xxxxxxxxxx possibility curve xx each country is xxxxxxxx line because of xxxxxxxx xxxxx xxx xxxxx xx the xxxxx xx xxx xxxxxxx xxxxxx x country xxx produce using xxxxx resource xxxxxxxxxx xxxxx x shows the xxxxx of output xxx US produces without trade and xxxxx B xx xxx xxxxx of output xxxxxx produces without trade. Both xxx xxxxx xxxx inside xxx production possibility xxxxx xxx both xxx xxxxxxxxxxx xxxxx xx production. This xx xxxxxxxxxxx because xxxxxxxxx xxx not utilizing xxx xxxxxxxxx fully.

Marginal xxxxxxxxxxxxxx xxxx is the units xx one xxxx xx xx xxxxxxxxxx xx produce one unit of xxxxxxx xxxxx MTR xxx cloth xxx Brazil xx xxx units of xxxxx xxxx xxxxx xxxx xxxxxx has xx sacrifice 0.5 xxxx of soda in order xx xxxxxxx one unit of cloth. xxx xxxx xxx xxxx

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