Business, 14.03.2020 00:53 smelcher3900

Consider two neighboring island countries called Contente and Dolorium. They each have 4 million labor hours available per month that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.

Country Jeans Corn
(Pairs per hour of labor) (Bushels per hour of labor)
Contente 8 16
Dolorium 5 20
Initially, suppose Contente uses 1 million hours of labor per month to produce jeans and 3 million hours per month to produce corn, while Dolorium uses 3 million hours of labor per month to produce jeans and 1 million hours per month to produce corn. Consequently, Contente produces 8 million pairs of jeans and 48 million bushels of corn, and Dolorium produces 15 million pairs of jeans and 20 million bushels of corn. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn it produces.

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Consider two neighboring island countries called Contente and Dolorium. They each have 4 million lab...

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