Business, 02.11.2021 21:10 steelersfan4343

HELP ME ASAP GET MARKED FOR BRAINLEST If the fictitious country of Islandia puts all of its production resources into fish, it can produce 60 units of fish. If it puts all of its production resources into coconuts, it can produce 30 units of coconuts. If the fictitious country of Mountania puts all of its production resources into fish, it can produce 15 units of fish. If it puts all of its production resources into coconuts, it can produce 45 units of coconuts. Assume that both countries have constant cost functions for both products.
Instructions: Round your answers to 2 decimal places.

a. What is the opportunity cost of producing 1 unit of fish in Islandia?

b. What is the opportunity cost of producing 1 unit of coconuts in Islandia?

c. What is the opportunity cost of producing 1 unit of fish in Mountania?

d. What is the opportunity cost of producing 1 unit of coconuts in Mountania?

e. Mountania has a comparative advantage in the production of fish.
Islandia has a comparative advantage in the production of coconuts.

f. What will be the terms of trade for fish?
Between BLANK and BLANK unit(s) of coconuts

g. What will be the terms of trade for coconuts?
Between BLANK and BLANK unit(s) of fish

Answers: 3

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HELP ME ASAP GET MARKED FOR BRAINLEST If the fictitious country of Islandia puts all of its produc...

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