Assume a Ricardian,constant-Cost World

question 1

Essay

Assume a Ricardian,constant-cost world.There are two countries,the United States and Canada.Each country can produce cameras and milk.The table below shows production per man-hour for each country.

The United States has a labor force of 1,000 workers,and Canada has a labor force of 500 workers.
a)Use this information to graph production possibilities frontiers for both countries.Put cameras on the horizontal axis.
b)Assuming that a world price is established at which both countries can gain from trade,show possible consumption frontiers for each country.

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Definitions:

Hippocampus

A major component of the brain in humans and other vertebrates, playing critical roles in the consolidation of information from short-term to long-term memory and in spatial memory that enables navigation.

Corpus Callosum

A thick band of nerve fibers that divides the cerebral cortex lobes into left and right hemispheres, facilitating communication between the two sides of the brain.

Thalamus

A structure in the brain that acts as a relay station for transmitting sensory and motor signals to the cerebral cortex.

Sensory Losses

The reduction or absence of sensation in one or more of the senses, such as hearing, vision, smell, taste, or touch, often due to aging or disease processes.