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Answer the questions below and read the questions before just answering them  1

Economics

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Answer the questions below and read the questions before just answering them 

1. Japan can produce 80 tablets or 200 cellphones per day. South Korea can produce 90 tablets and 270 cellphones per day.

A..Which country has the absolute advantage in producing tablets?

B. Which country has the absolute advantage in producing cellphones?

C. What is Japan's opportunity cost of producing 1 tablet? What is South Korea's opportunity cost of producing 1 tablet?

D. What is Japan's opportunity cost of producing 1 cellphone? What is South Korea's opportunity cost of producing 1 cellphone?

E. Which country has the comparative advantage in producing tablets and cellphones?

F. The U.S. demand and supply of almonds are given in the table below:

Price per pound in USD	Quantity Demanded (in thousands of pounds)	Quantity Supplied (in thousands of pounds)
$10	10	60
8	20	45
6	30	30
4	40	15
2	50	0

2.

A. Graph the demand and supply of almonds. What are the equilibrium price and quantity?

B. The U.S. opens for trade and finds that the world price of almonds is $8 per pound (add the world price to the graph). Will the U.S. import or export almonds?

C. Who benefits from trade? Who loses?