Answer to Question #116928 in Microeconomics for desmond

Question

Joe’s production possibilities are given in the table to
the right. What are Joe’s opportunity costs of
producing corn and cloth at each output in the table?
4. In problems 1 and 2, Jane’s Island produces and
consumes 2 pounds of corn and 2 yards of cloth. Joe’s
Island produces and consumes 2 pounds of corn and 2
yard of cloth. Now the islands begin to trade.
a. What good does Jane sell to Joe and what good does
Jane buy from Joe?
b. If Jane and Joe divide the total output of corn and cloth equally, what are the gains from
trade?

Corn
(pounds
per
month)
Cloth
(yards
per
month)
6 and 0
4 and 1.0
2 and 2.0
0 and 3.

Answer 1

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