Assume there are only two countries in the world, and the two countries face the following production possibilities frontiers

Assume there are only two countries in the world, and the two countries face the following production possibilities frontiers

3. Assume there are only two countries in the world, and the two countries face the following production possibilities frontiers. Further assume that the two countries produce popcorn and peanuts.

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Country A’s Production Possibilities Frontier Country B’s Production Possibilities Frontier

A. Assume that country A and country B decide to use half of the resources in the production of each

good. Indicate the points of the maximum output of each good on the graphs for each country as

point A under such resource use.

B. Assume the two countries choose autarky and do not trade. W hat would be the total world

production of popcorn and peanuts under the autarky?

C. Assume that each country decides to specialize in either popcorn or peanut based on its

respective comparative advantage. Under the specialization, what is the total production of

popcorn and peanuts?

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