Question 2 The hypothetical figures in Table 2.9 give five alternate combinations of steel and autos that Japan and South Korea can produce if they fully use all factors of production at their disposal with the best technology available to them. TABLE 2.9 Steel and Auto Production JAPAN SOUTH KOREA Steel (tons) Autos Steel (tons) Autos 520 0 1200 0 500 900 400 350 1100 600 650 200 1300 200 800 0 1430 0 810 @ Con page Learning' a) Sketch the production possibilities schedules of Japan and South Korea. Locate steel on the vertical axis and autos on the horizontal axis of each nation's graph. The production possibilities schedules of the two countries appear bowed out, from the origin. Why? b) In autarky, Japan's production and consumption points along its production possibilities schedule are assumed to be 500 tons of steel and 600 autos. Draw a line tangent to Japan's autarky point and from it calculate Japan'sMRT of steel into autos. In autarky, South Korea's production and consumption points along its production possibilities schedule are assumed to be 200 tons of steel and 800 autos. Draw a line tangent to South Korea's autarky point and from it calculate South Korea's MRT of steel into autos