Compute Canadian also South Korean opportunity cost with graph.
Suppose which there are 10 million workers in Canada also South Korea also every worker in Canada also South Korea can produce 4 cars per yr. A Canadian worker can produce 10 tonnes of grain a yr, whereas a South Korean worker can produce 5 tonnes of grain a yr. The following table describe how the production of grain also cars for the two countries, Canada also South Korea.
|
Worker
|
Cars
|
Grain
|
|
Canada
|
4
|
10
|
|
South Korea
|
4
|
5
|
(a) For this situation, construct a table outlining the opportunity costs of producing grain also cars in Canada also South Korean.
(b) Graph the production possibilities frontier of the Canadian also South Korean economies.
(c) For Canada, Illustrate what is the opportunity cost of a car? For Canada, Illustrate what is the opportunity cost of grain? For South Korea, Illustrate what is the opportunity cost of a car? For South Korea, Illustrate what is the opportunity cost of grain?