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Economics

Question: The table on the next page shows the potential output combinations of oranges and jars of prickly pear jelly (from the flower of the prickly pear cactus) for Florida and Arizona.

a. Compute the opportunity cost for Florida of oranges in terms of jars of prickly pear jelly. Do the same for prickly pear jelly in terms of oranges.

b. Compute the opportunity cost for Arizona of oranges in terms of jars of prickly pear jelly. Do the same for prickly pear jelly in terms of oranges.

c. Would it make sense for Florida to specialize in producing oranges and for Arizona to specialize in producing prickly pear jelly and then trade? Why or why not?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M92291493

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