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Use the following to answer question: Use the following to answer question:   -(Table: Wheat and Aluminum) Look at the table Wheat and Aluminum. The table shows the maximum possible production of wheat and aluminum for both the United States and Germany. Are gains from trade possible between these nations? Explain.
-(Table: Wheat and Aluminum) Look at the table Wheat and Aluminum. The table shows the maximum possible production of wheat and aluminum for both the United States and Germany. Are gains from trade possible between these nations? Explain.


Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, holding other factors constant.

Total Revenue

The total receipts or income a firm receives from the sale of its products or services, calculated as the unit price times the quantity sold.

Average Revenue

The amount of income that a company receives per unit of sale, calculated by dividing total revenue by the number of units sold.

Total Revenue

Total revenue represents the total income a firm receives from selling its goods or services, calculated as the quantity sold multiplied by the price per unit.

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