Suppose that the productivity per worker in the corn and barley industries of China and Russia are as follows:
a)What is the opportunity cost of 1 bushel of corn for China? For Russia?
b)What is the opportunity cost of 1 bushel of barley for China? For Russia?
c)Suppose there are 1000 workers in both China and Russia.Draw a production possibility curve for China and Russia
Definitions:
Revenue
The sum of income a corporation generates from selling products or offering services over a specified timeframe.
Expense
refers to the money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.
Prepaid Expense
Expenditures paid for in advance and recorded as assets before they are used or consumed.
Asset
An economic resource owned or controlled by an individual or entity, expected to provide future benefits.
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