1. Graph a Production Possibilities Frontier Curve for country 1 that produces aerospace equipment and/or agricultural products. Assume country 1 could produce any combination of the products; however, if it specialized, it could produce 20 units aerospace equipment or 50 units of agriculture. Assume country 2 could also produce aerospace equipment or agriculture but it can produce 25 units of aerospace equipment or 55 units of agriculture. Which country has the absolute advantage in which good? Which country has the comparative advantage in which good?
2. Graph the supply and demand of any god or service (label the axes). Now, show the consumer and producer surplus at equilibrium.

Principles of Economics: Micro (ECO: 284)+ Quiz #1 Due September 22nd, 11:59 PM- 1) Graph a Production Possibilities Frontier Curve for country 1 that produces aerospace equipment and/or agricultural products. Assume country 1 could produce any combination of the products; however, if it specialized, it could produce 20 units aerospace equipment or 50 units of agriculture. Assume country 2 could also produce aerospace equipment or agriculture but it can produce 25 units of aerospace equipment or 55 units of agriculture. Which country has the absolute advantage in which good? Which country has the comparative advantage in which good?~ 2) Graph the supply and demand of any good or service (label the axes). Now, show me the consumer and producer surplus at equilibrium