Below is the productivity per worker (kilos per day) in the wheat and bean industries of Caledonia and Ibrox.The working population in each country is 16 million people.
-Refer to the data above to answer this question.Suppose that initially each country was self-sufficient in the two products and employed half of their working populations in each industry.If subsequently each country were to totally specialize in the product in which it has a comparative advantage,what would be the subsequent gains from trade?
Definitions:
Normal Curve
A bell-shaped curve that represents the distribution of many physical and psychological attributes in the human population.
Standard Deviation
A numerical indicator showing the spread or variation of values in a dataset, illustrating the degree to which the figures deviate from the average.
Mean
The mathematical average of a set of numbers, calculated by adding all the numbers together and dividing by the count of those numbers.
Correlation Coefficient
A numerical measure that indicates the extent to which two variables fluctuate together, showing the strength and direction of their relationship.
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