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Due to border closures within Australia, Western Australia and Victoria have decided to stop trading with the other states in Australia. Western Australia has 100
Due to border closures within Australia, Western Australia and Victoria have decided to stop trading with the other states in Australia. Western Australia has 100 total resources available, Victoria has 280 total resources. Each state produces only two goods, coal and coffee. Victoria can produce one unit of coal for 14 resources and one kilo of coffee for 22 resources. Western Australia can produce one unit of coal for 10 resources and one kilo of coffee for 25 resources. Assuming that each state can produce fractional units of each good, which of the following statements is NOT true? Select one: O WA and VIC would be better off trading with each other at a price of 0.5 kilos of coffee per unit of coal. O None of the above. WA and VIC would be better off trading with each other at a price of 0.5 units of coal per kilo of coffee. O WA and VIC are not willing to trade with each other at a price of 0.71 kilos of coffee per unit of coal. O WA and VIC are not willing to trade with each other at a price of 1.40 kilos of coffee per unit of coal. Due to border closures within Australia, Western Australia and Victoria have decided to stop trading with the other states in Australia. Western Australia has 100 total resources available, Victoria has 280 total resources. Each state produces only two goods, coal and coffee. Victoria can produce one unit of coal for 14 resources and one kilo of coffee for 22 resources. Western Australia can produce one unit of coal for 10 resources and one kilo of coffee for 25 resources. Assuming that each state can produce fractional units of each good, which of the following statements is NOT true? Select one: O WA and VIC would be better off trading with each other at a price of 0.5 kilos of coffee per unit of coal. O None of the above. WA and VIC would be better off trading with each other at a price of 0.5 units of coal per kilo of coffee. O WA and VIC are not willing to trade with each other at a price of 0.71 kilos of coffee per unit of coal. O WA and VIC are not willing to trade with each other at a price of 1.40 kilos of coffee per unit of coal
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