Question
please help to understand and respond The following table describes the number of yards of cloth and barrels of wine that can be produced with
please help to understand and respond
The following table describes the number of yards of cloth and barrels of wine that can be produced with a week's worth of labor in England and Portugal. Assume that no other inputs are needed.
England Portugal Cloth 8 yards 12 yards Wine 2 barrels 6 barrels
c. Suppose each country has 1 million weeks of labor available per year. Draw the production possibilities frontier for each country with wine on the horizontal axis and cloth on the vertical axis (label them). Indicate the Marginal Rate of Transformation (MRT)
d. Draw the production possibilities curve for the two countries. Keep wine on the horizontal axis and cloth on the vertical axis (table them).
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