1. Home has 1200 units of labor available. It can produce two goods, apples and bananas. The...

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1. Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2.

a. Graph Home's production possibility frontier.

b. What is the opportunity cost of apples in terms of bananas?

c. In the absence of trade, what would the price of apples in terms of bananas be?

Why?

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International Economics Theory And Policy

ISBN: 9780321116399

6th Edition

Authors: Paul R. Krugman, Maurice Obstfeld, Marc Melitz

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Question Posted: Oct 01, 2024 11:00 AM

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International Economics Theory And Policy

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