Question content area left Part 1 The accompanying graphs describe the hypothetical PPC? (product possibility? curves) for the production of potassic fertilizer and paint per year in Canada and the United States. After? specialization, 550 million litres of paint is traded for 110 million tonnes of potassic fertilizer.

P Assignment 7 (Ch. 18) - Google Chrome O X mylab.pearson.com/Student/PlayerTest.aspx?testld=246213003¢erwin=yes ECON1112-OA02 Lindsy Dianne Dizon 11/27/22 10:59 PM Quiz: Assignment 7 (Ch. 18) Question 1 of 9 This quiz: 41 point(s) possible This question: 15 point(s) possible Submit quiz Question list K The accompanying graphs describe the hypothetical PPC (product possibility curves) for the production of potassic fertilizer and paint per year in Canada and the United States. After specialization, 550 million Canada litres of paint is traded for 110 million tonnes of potassic fertilizer. 400- Question 1 a. The opportunity cost of fertilizer in Canada is 0.04 litre(s) of paint per tonne of fertilizer. Simplify your answer.) Potassic Fertilizer (millions of tonnes) b. The opportunity cost of fertilizer in the United States is 20 litre(s) of paint per tonne of fertilizer. Before Trade Question 2 (Simplify your answer.) c. The opportunity cost of paint in Canada is 25 tonne(s) of fertilizer per litre of paint. (Simplify your answer.) Question 3 120 200 d. The opportunity cost of paint in the United States is 0.05 tonne(s) of fertilizer per litre of paint. Paint (millions of litres) (Simplify your answer.) Question 4 e. Canada has a comparative advantage in producing fertilizer since United States this country can produce less total fertilizer. 125- Question 5 f. The United States | has a comparative advantage in producing paint since Before Trade Potassic Fertilizer (millions of tonnes) this country can produce less total paint. Question 6 g. The gains from specialization and trade for Canada are | million litre(s) of paint per year and million tonne(s) of fertilizer per year. The gains from specialization and trade for the United States are litre(s) of paint per year and tonne(s) of fertilizer per year. (Simplify your answers.) 400 1,000 O Question 7 Paint (millions of litres) h. If trade takes place between Canada and the United States, then American fertilizer producers V, American paint producers , and American consumers Question 8 Time Remaining: 00:10:56 Next -10 C Q Search IN ENG 10:59 pm Mostly cloudy US 27/11/2022 1