Ly Lab 12 (Question 4) ~ Lyryx Learning Inc - Google Chrome laecon1.lyryx.com/student-servlets/LabServlet?ccid=3692 The following are hypothetical production possibilities tables for France and China. France's Production Possibilities Table China's Production Possibilities Table (Millions of bushels) (Millions of bushels) A B C D A C D Peaches 0 10 20 30 Peaches 5 10 15 Oranges 60 40 20 Oranges 60 40 20 0 When plotting lines on the graph, select which line you want to plot from the drop down menu at the top of the graph. For each line required, plot any two or more points on the line. a) Plot France's production possibilities curve by plotting at least 2 points on the curve. France's Production Possibilities Curve France's Production Possibilities Curve China's Production Possibilities Curve France's Trading Possibilities Curve China's Trading Possibilities Curve Peaches (millions of bushels 15 30 45 60 90 Tos Reset Oranges (millions of bushels) b) Plot China's production possibilities curve by plotting at least 2 points on the curve on the graph above. c) What is each country's cost ratio of producing Oranges and Peaches? France : 0 Oranges = 0 Peaches China : 0 Oranges = 0 Peaches d) Which nation should specialize in which product? France : (select one) China (select one) e) Plot France's trading possibilities curve (by plotting at least 2 points on the curve) if the actual terms of the trade are 3 oranges for 1 peach. 1:45 PM 2020-08-09Ly Lab 12 (Question 4) ~ Lyryx Learning Inc - Google Chrome laecon1.lyryx.com/student-servlets/LabServlet?ccid=3692 France's Production Possibilities Curve France's Production Possibilities Curve China's Production Possibilities Curve France's Trading Possibilities Curve China's Trading Possibilities Curve Peaches (millions of bushels 28 20 127 5+ +30 45 60 75 90 105 Reset Oranges (millions of bushels) b) Plot China's production possibilities curve by plotting at least 2 points on the curve on the graph above. c) What is each country's cost ratio of producing Oranges and Peaches? France : 0 Oranges = 0 Peaches China : 0 Oranges = 0 Peaches d) Which nation should specialize in which product? France : (select one) China : (select one) e) Plot France's trading possibilities curve (by plotting at least 2 points on the curve) if the actual terms of the trade are 3 oranges for 1 peach. f) Plot China's trading possibilities curve (by plotting at least 2 points on the curve) if the actual terms of the trade are 3 oranges for 1 peach. 9) Suppose that the optimum product mixes before specialization and trade were C in France and B in China. What are the gains from specialization and trade? Oranges : 0 Peaches : 0 Official Time: 13:45:44 SUBMIT AND MARK SAVE AND CLOSE 1:45 PM 2020-08-09
