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The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative B and for the United States is alternative U. China Production Possibilities Product A B C D Apparel 30, 000 24, 000 18,000 12, 000 6,000 Chemicals (tons ) 12 18 24 U.S. Production Possibilities Product R S T U Apparel 10,000 8, 000 6,000 4, 0000 2, 000 Chemicals ( tons) 8 12 16 20 Instructions: Enter your answers as whole numbers. a. Are comparative-cost conditions such that the two countries should specialize? Yes If so, what product should each produce? China should produce [apparel The United States should produce chemicals b. What is the total gain in apparel and chemical output that would result from such specialization? Apparel: 2 units Chemicals: 2 ton(s) c. What are the limits of the terms of trade? Product R S T U W Apparel 10,000 8, 000 6,000 4 , 0000 2,000 Chemicals ( tons ) 4 8 12 16 20 Instructions: Enter your answers as whole numbers. a. Are comparative-cost conditions such that the two countries should specialize? Yes If so, what product should each produce? China should produce apparel The United States should produce chemicals b. What is the total gain in apparel and chemical output that would result from such specialization? Apparel: 2 units Chemicals: 2 ton(s) c. What are the limits of the terms of trade? 1 units of apparel for 1 ton of chemicals and | 2 units of apparel for 2 tons of chemicals. Suppose that the actual terms of trade are 1,000 units of apparel for 19/2 tons of chemicals and that 4,000 units of apparel are exchanged for 6 tons of chemicals. What are the gains from specialization and trade for each nation? The United States | has a gain of 4000 units of apparel. China has a gain of 6 ton(s) of chemicals