5. The economies of New Zealand and Australia produce only wheat and cotton. Each country has land area of 100 acres. The following table gives the production per acre of what and Cotton in each country: #3 3 80 E Wheat Cotton D FS C $ a. Which country has absolute advantage in what commodity? b. Which country has comparative advantage in what commodity? c. Sketch the Production possibility curve for both countries (draw the PPC) for a month. Does it imply increasing, decreasing or constant opportunity cost? d. If country specializes in production, which country will export what? 54 4 000 000 F4 R New Zealand 6 F 2 % 5 V FS T G Australia 2 A 6 6 MacBook Air B F6 Y H & 7 44 F7 U N *00 11 8 J FB 1 M 9 D K O 0 F10 L P