Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that c

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Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that c

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Answer 1

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Answer #1

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1) 20/5 =4 pairs

2) 16/8 =2 pairs

3) Contente

4) Dolorium

5) 8*4 =32

6) 20*4 = 80

7) 32-23 = 9

8) 80-68= 12

18 million corn is being exchanged for 54 million jeans

	Dolorium		Contente
	Corn	Jeans	Corn	Jeans

Without Trade
Production	15	20	8	48
Consumption	15	20	8	48
With Trade
Production	0	80	32	0
Trade action	Import 18	Export 54	Export 18	Import 54
Consumption	18	80-54= 26	32-18 = 14	54
Gains from Trade
Increase in Consumption	18-15 =3	26-20 =6	14-8 = 6	54-48 = 6

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Answer 2

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Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that c

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Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that c

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Add Answer to: Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that c

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Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that c