2 Two countries, Aquarium and Lillbanum, trade with each other. We call the products wild boar (designated V) and marble (M). Wild boar production is relatively land-intensive; the production of marble is relatively labor intensive. Aquarium has a relatively good workforce. Illustrate the production possibilities of the aquarium; place the boar on the vertical axis and the marble on the horizontal axis. Use your figure to illustrate: i) production and consumption in the aquarium under autarky; ii) production and consumption in the aquarium during trade and iii) which commodity the Aquarium exports and which commodity the Aquarium imports (mark the size of exports and imports in the figure).
2 Two countries, Aquarium and Lillbanum, trade with each other. We call the products wild boar (designated V) and marble (M). Wild boar production is relatively land-intensive; the production of marble is relatively labor intensive. Aquarium has a relatively good workforce. Illustrate the production possibilities of the aquarium; place the boar on the vertical axis and the marble on the horizontal axis. Use your figure to illustrate: i) production and consumption in the aquarium under autarky; ii) production and consumption in the aquarium during trade and iii) which commodity the Aquarium exports and which commodity the Aquarium imports (mark the size of exports and imports in the figure).
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains From Trade
Section: Chapter Questions
Problem 4PA
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Transcribed Image Text:Two countries, Aquarium and Lillbanum, trade with each other. We call the
products wild boar (designated V) and marble (M). Wild boar production is relatively
land-intensive; the production of marble is relatively labor intensive. Aquarium has a
relatively good workforce. Illustrate the production possibilities of the aquarium; place the
boar on the vertical axis and the marble on the horizontal axis. Use your figure to illustrate:
i) production and consumption in the aquarium under autarky; ii) production and
consumption in the aquarium during trade and iii) which commodity the Aquarium exports
and which commodity the Aquarium imports (mark the size of exports and imports in the
figure).
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