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1. PPF and CPF Josel and Kayla can produce food and luxury goods. Josel's PPF is defined by Quosel = 12-3Q osel and Kayla's PPF
1. PPF and CPF Josel and Kayla can produce food and luxury goods. Josel's PPF is defined by Quosel = 12-3Q osel and Kayla's PPF is defined by Q Kayla 12 - 3Q F Kayla Suppose that Josel and Kayla trade with each other (i.e., no outside merchants). Kayla and Josel agree to trade under the following conditions: 1) the terms of trade are 1 unit of food in exchange for 1 unit of luxury goods; 2) each specializes according to his/her comparative advantage; and 3) Kayla consumes 3 units of the good she produces. (a) 1 Sketch on two different graphs (one for Josel and one for Kayla) the individual PPFs, the individual CPFs, and indicate the individual points of pro- duction and the individual points of consumption. Clearly label your graphs (i.e., indicate values for slopes, intercepts, points of production, and points of consump- tion).Explain how you found the individual points of production. Explain how you found the individual points of consumption
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