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Homework answers / question archive / 1
1. Table 10.1 shows the production possibilities curves for Augustus and Nero. Prior to specialization and trade, Augustus is producing combination B, and Nero is producing combination D. Table 1 Product Apples Oranges A 8 Augustus's Production Possibilities ?? D 16 12 E 0 10 2 14 16 18 Product Apples Oranges E Nero's Production Possibilities B D 3 A 12 19 16 0 10 14 a) What is the total output of the two countries for both products? b) If each country were to specialize in the product in which it has a comparative advantage, what will be the total output of the two countries for both products? c) What will be the gain from trade? The above table shows the production possibilities curves for Troy and Sparta. Prior to specialization and trade, Troy is producing combination B, and Sparta is producing combination D.
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