1. Answer the next three questions on the basis of the following production possibilities data for Landia and Scandia. All data are in tons. Landia production possibilities: (a) (b) A B C D E Fish Chips 0 8 6 4 2 10 20 30 40 LOG 0 Scandia production possibilities: A B C D E Fish 16 12 8 4 0 Chips 0 12 24 74 36 48 What is the opportunity cost of one more fish in Landia? What is the opportunity cost of one more fish in Scandia? If trade occurs between Landia and Scandia, which nation should export what product? Why? (c) What are the limits of the terms of trade between Landia and Scandia? (d) Assume that prior to specialization and trade, Landia chose production possibility "C" and Scandia was producing at combination B. Now each specializes according to comparative advantage. What will be the resulting gains from trade? Explain your answer.