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Explain how many tons of coffee does the United States import? Table: United States and Colombia Production Possibilities) Colombia and the United States have production possibilities for coffee and computers as shown in the table. Suppose that each nation specializes in producing the good in which it has the comparative advantage, and the two nations agree to trade. One year later we observe Colombia consuming 20 computers and 20 tons of coffee, and we observe the United States consuming 80 computers and 5 tons of coffee. How many computers does the United States export? How many tons of coffee does the United States import? If the world price of a computer is $500, what is the world price of a ton of coffee? Justify your answers.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9221634

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