1. The existing entries in the following table show the maximum quantities of widgets and gizmos that Firm X and Firm Y can make each day. a. Fill in the remaining part of the table (be sure to label the units). Number of Widgets per Number of Gizmos per Opprotunity Cost Opportunity Cost Day Day of 1 widget of 1 gizmo Firm X 5,000 15,000 Firm y 2,500 10,000 b. What is the minimum number of widgets Firm X has to give in trade for one gizmo from Firm Y in order to make the terms of trade beneficial (better than not trading) for both firms? 2. Suppose that, during an afternoon at Hambre's favorite ski resort, Hambre could either make additional runs down the slopes or produce and sip hot chocolate by the fire in the lodge. Draw a production possibilities frontier (PPF) that describes his production trade-offs between runs skied (by riding the chairlift to the top and skiing down the slope) versus cups of hot chocolate produced and sipped. Hambre's production of each of these goods is subject to constant marginal opportunity costs in production, so be sure that, in the graph, the opportunity cost of one activity in terms of the other is the same at any point on the PPF. Now suppose a new superfast ski lift reduces the time it takes to get to the top of the mountain. Show, on the same graph, how this changes the PPF