I Need an explanation on question C and D. Thank you 2. The accompanying hypothetical production possibilities tables are for New Zealandand Spain. Each country can produce apples and plums. Plot the productionpossibilities data for each of the two countries separately. Referring to your graphs,answer the following: LO2New Zealand's Production PossiblltiesTable (Millions of Bushels)Production AlternativesProductBCApples204060Plums1510Spain's Production PossibilitiesTable (Millions of Bushels)Production AlternativesProductUApples204060Plums60402020-16© 2021 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution inany manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.Chapter 20 - International TradeWhat is each country's cost ratio of producing plums and apples?b. Which nation should specialize in which product?c. Show the trading possibilities lines for each nation if the actual terms of trade are1 plum for 2 apples. (Plot these lines on your graph.)d. Suppose the optimum product mixes before specialization and trade werealternative B in New Zealand and alternative S in Spain What would be the gainsfrom specialization and trade?a.

2. The accompanying hypothetical production possibilities tables are for New Z and Spain. Each country can produce apples and plums. Plot the production possibilities data for each of the two countries separately. Referring to your g answer the following: LO2 New Zealand's Production Possiblities Table (Millions of Bushels) Production Alternatives Product A D Apples 20 40 60 Plums 15 10 Spain's Production Possibilities Table (Millions of Bushels) Production Alternatives Product U Apples 20 40 60 Plums 60 40 20

2. The accompanying hypothetical production possibilities tables are for New Z and Spain. Each country can produce apples and plums. Plot the production possibilities data for each of the two countries separately. Referring to your g answer the following: LO2 New Zealand's Production Possiblities Table (Millions of Bushels) Production Alternatives Product A D Apples 20 40 60 Plums 15 10 Spain's Production Possibilities Table (Millions of Bushels) Production Alternatives Product U Apples 20 40 60 Plums 60 40 20

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 5PA

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