Home / Questions / Problems and Applications Q4 Suppose that there are 10 million workers in Japan and that e...
Problems and Applications Q4 Suppose that there are 10 million workers in Japan and that each of these workers can produce either 2 cars or 20 bushels of wheat in a year. The opportunity cost of producing a car in Japan is bushels of wheat, and the opportunity cost of producing a bushel of wheat in Japan is cars. Use the blue line (circle symbol) to draw Japan's production possibilities frontier (PPF) on the following graph. Then use the black point (plus symbol) to indicate the consumption bundle Japan can achieve without trade if it chooses to consume 15 million cars.
Topic 1 Assignment to indicate the consumption bundle Japan can achieve without trade if it chooses to consume 15 million cars. ? 20 18 PPF 16 14 .+ 12 Without Trade Cars (millions) 10 With Trade 6 4 2 0 0 50 350 400 100 150 200 250 300 Wheat (millions of bushels)
2 0 0 50 350 400 100 150 200 250 300 Wheat (millions of bushels) Now suppose that the United States offers to buy 5 million cars from Japan in exchange for 150 million bushels of wheat. On the previous graph, use the grey point (star symbol) to indicate the consumption bundle Japan can achieve with trade if it continues to consume 15 million cars. Japan accept the deal the United States proposes. Grade It Now Save & Continue
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