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ASSIGNMENT 1 QUESTIONS 0 Due no later than 11:00 pm. on Sunday of Unit 2 a Weight 2.5% of the nal grade Late Submission Policy a This assignment is subject to the Late Submisslon penalty policy, namely 5% per day for three days. 0 This page will close and will not allow further submissions after this Late Submission period has expired. 0 in the event of an emergency that prevents you from submitting within this time frame, special permission must be obtained from your instructor. Documentation substantiating the emergency is required. If the extension is granted, the professor will reopen the submission function for you on an individual basis. a Do not email your submissions to your professor, either before or after the due date. All coursework should be submitted through the onllne course (Mood lei only. Description Students are to complete assignments in Word (or some other compatible word processor; no PDFi and apply economic concepts learned in this course to the answers submitted for evaluation. Do not submit more than ONE document for your assignment. 1. Suppose you have the following economic resources: 100 workers, $100 million worth of capital and land. Fill out the table given below by creating your own numbers (remember: to produce more of any good, you have to give up some of the other good). a. After completing the table, graph the production possibilities frontier. Put Product A on the horizontal axis and Product 8 on the vertical axis. Be sure to identify the output combination points on your diagram. b. Calculate the opportunity cost of Product A and B for all combinations. 2. The following table shows the amount of good A and good B that two countries could produce if they devoted all their resources to that good. For example, if Canada uses all their resources to HUS] 10R! lelinfanf'iMlt'S to; )1 {until 4.1-; WWW VOHKVIHIU M produce Good A, then Canada can produce 200 Good A Assume both countries have the same amount of resources and the trade-off between good A and good 8 remains constant as resources are shifted from one good to another. \"\"- -E!'I- 700 a. Which country has the absolute advantage in good A? In good 3? b. What is Canada's opportunity cost of producing good A? good 8? c. What is USA's opportunity cost of producing good A? good 3? d. Which country has the comparative advantage in good A? In good 3