Part a - International Trade 1. The following table shows the bushels of corn and kegs of beef that Mainland and Wishland can produce per day when they use all their resources efficiently. Corn Beef Mainland 250 150 Wishland 380 304 (a) Identify the commodity in which Mainland and Wishland have absolute advantage in. Identify the commodity in which Mainland and Wishland have comparative advantage in. (b) Indicate whether or not trade is possible and the basis for trade if possible. What is the range for the terms of trade for mutually beneficial trade if possible? i. Would it be good for Mainland to exchange 30 bushels of corn for 25 kegs of beef with Wishland and would Wishland agree? ii. Would it be good for Mainland to exchange 60 bushels of corn for 32 kgs of beef with Wishland and would Wishland agree? iii. Would it be good for Mainland to exchange 80 bushels of corn for 52 kgs of beef with Wishland and would Wishland agree? (c) If trade between nations is so beneficial, why don't we see complete specialization and why are free trade agreements so controversial