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(a) Inlandia and Outlandia both can produce bananas and oil. Inlandia can produce up to 10 million metric tons of bananas per week or 5 million...

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1. (a) Inlandia and Outlandia both can produce bananas and oil. Inlandia can produce up to 10 million metric tons of bananas per week or 5 million barrels of oil, or any combination of oil and bananas along a straight-line production possibilities curve linking these two points. Outlandia can produce up to 50 million metric tons of bananas per week or 1 million barrels of oil, or any combination along a straight-line production possibilities curve. Calculate the opportunity cost of bananas for each country. 5 (b) Suppose that there is no trade and no unemployment. Inlandia produces 2.5 million barrels of oil and Outlandia produces 20 metric tons of bananas. Complete the following table: Autarky: Consumption=Production Units of Production/Consumption Oil Bananas Inlandia Outlandia
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Economics- 8098660.doc

1. (a) Inlandia and Outlandia both can produce bananas and oil. Inlandia can produce up to 10 million
metric tons of bananas per week or 5 million barrels of oil, or any combination of oil and...

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