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Suppose Contente and Euphoria agree to trade with each other, exchanging 13,000 bushels of wheat for 65,000 pairs of jeans. In particular, Contente will export the goods it produces and Euphoria will export the goods that Contente does not produce. With trade, Contente will wheat and jeans. Euphoria will wheat and Jeans. bushels per month, and the total When neither country specializes, the total production of wheat is production of jeans is pairs per month. When Contente specializes and Euphoria still produces the combination of goods using 225,000 hours of labor to produce wheat and 675,000 hours of labor to produce jeans, the total production of wheat becomes bushels per month, and the total production of jeans became pairs per month.
2. Gains from trade Aa Aa Consider two neighboring island countries, Contente and Euphoria. Each has 900,000 labor hours avalilable per month that it can use to produce wheat, jeans, or a combination of both. The following table shows the amount of labor hours required to produce one bushel of wheat or one pair of jeans. Wheat (Labor hours per bushel) 40 36 Jeans (Labor hours per pair) 10 Contente Euphoria
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