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Assume that there are 10 million workers in the Canada and South Korea and each worker in Canada and South Korea can generate 4 cars per year. The Canadian worker can produce 10 tonnes of grain a year, while a South Korean worker can produce 5 tonnes of grain a year. The given table exhibits the production of grain and cars for the two countries, Canada and South Korea.

Q1. For this condition, construct a table outlining the opportunity costs of producing grain and cars in the Canada and South Korean.

Q2. Graph the production possibilities frontier of the economies of Canadian and South Korean.

Q3. For Canada, describe the opportunity cost of a car? For Canada, illustrate the opportunity cost of grain? For South Korea, determine the opportunity cost of a car? For South Korea, determine the opportunity cost of the grain?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M910170

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