10) This table shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland. Cell Phone Lumber (board foot ) Estonia 20 hours 5 hours Finland 18 hours 4 hours a. If each country has a total of 3,600 labor hours to devote to the production of the two goods, draw the production possibilities frontier for each country. Put "Cell Phone" on the horizontal axis and "Lumber" on the vertical axis. Be sure to identify the intercept values on your graphs. b. Suppose each country allocates 55% its labor hours to lumber production and 45% to the production of cell phones. Complete the table below to show each country's output of the two products. Production and Consumption with no Trade Cell Phone Lumber Output Output (board feet) Estonia Finland Total c. Draw the individual PPFs for Estonia and Finland. d. Draw the joint PPF below. What specific economic principle dictates the shape of this PPF? e. Suppose the two countries specialize and trade. Who should produce cell phones and who should produce lumber? Opportunity Cost of Producing Cell Phones and Lumber ONE CELL PHONE |ONE BOARD FOOT OF LUMBER ESTONIA FINLAND