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Assume Nebraska and Virginia each have 100 acres of farmland

Paper help Economics Assume Nebraska and Virginia each have 100 acres of farmland

Economics

Assume Nebraska and Virginia each have 100 acres of farmland

Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives… Show more (10 points) Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states: Nebraska Virginia Wheat 12 15 Cotton 6 10 A) (4 points) • Who has the absolute advantage in the production of cotton? • Who has the comparative advantage in the production of wheat? B) (4 points) In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together. Wheat Cotton 360 200 1300 1500 C) (2 points) In Virginia, what is the marginal rate of transformation between wheat and cotton? (Assume wheat is graphed on the vertical axis.) • Show less

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