image attached 3. Two nations produce the same two goods. The following table represents their productive abilities and capacitiesMozambiqueChairsCubaTotalTablesChairsTablesChairsTablesOutput capability perhour10 742n/an/aOpportunity CostTotal available Hours10001200n/an/aHours dedicated for eachproduct600.00400.00400.00800.00Output wlo SpecializationOutput w/ SpecializationPrice2.5012.002.5012.002.5012.00Output Value wieSpecializationOutput Value w/Specializationa.Complete entries in the table above.Which nation should specialize in chairs? How about tables? Explain your answer.

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3. Two nations produce the same two goods. The following table represents their productive abilities and capacities Mozambique Cuba Total Tables Output capability per hour Opportunity Cost Total available Hours Hours dedicated for each product Output w/o Specialization Output w/ Specialization Price Output Value w/o Specialization Output Value wl Specialization Chairs 10 7 600.00 2.50 1000 400.00 12.00 4 Chairs 1200 400.00 2.50 Tables 2 800.00 12.00 Chairs n/a n/a 2.50 Tables n/a n/a 12.00 a. Complete entries in the table above. b. Which nation should specialize in chairs? How about tables? Explain your answer.

3. Two nations produce the same two goods. The following table represents their productive abilities and capacities Mozambique Cuba Total Tables Output capability per hour Opportunity Cost Total available Hours Hours dedicated for each product Output w/o Specialization Output w/ Specialization Price Output Value w/o Specialization Output Value wl Specialization Chairs 10 7 600.00 2.50 1000 400.00 12.00 4 Chairs 1200 400.00 2.50 Tables 2 800.00 12.00 Chairs n/a n/a 2.50 Tables n/a n/a 12.00 a. Complete entries in the table above. b. Which nation should specialize in chairs? How about tables? Explain your answer.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains Rrom Trade

Section: Chapter Questions

Problem 9PA

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