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Plot the production possibilities data for each of the two countries separately. Referring to your graphs, answer the following: What is each...

Plot the production possibilities data for each of the two countries separately. Referring to your graphs, answer the following:
a. What is each country's cost ratio of producing plums and apples.
b. Which nation should specialize in which product?
c. Show the trading possibilities lines for each nation if the actual terms of trade are 1 plum for 2 apples. (Plot these lines on your graph.)
d. Suppose the optimum product mixes before specialization and trade mere alternative B in New Zealand and alternative S in Spain. V/hat would be the gains from specialization and trade?
See attached file for full problem description.

4. Key Question At the top of the next page are hypothetical production
possibilities tables for New Zealand and Spain.
Plot the production possibilities data for each of the two countries
separately. Referring to your graphs, answer the following:
a. What is each country’s cost ratio of producing plums and apples.
b. Which nation should specialize in which product?
c. Show the trading possibilities lines for each nation if the actual
terms of trade are 1 plum for 2 apples. (Plot these lines on your
graph.)
d. Suppose the optimum product mixes before specialization and trade
mere alternative B in New Zealand and alternative S in Spain. V/hat
would be the gains from specialization and trade?

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