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Opportunity Cost and PPF Suppose Australia and New Zealand each have 100 acres of land available for farming of wheat and cotton. Graph the PPF for...
2. Opportunity Cost and PPF Suppose Australia and New Zealand each have 100 acres of land available for farming of wheat and cotton. A. Graph the PPF for each country. B. Which country has comparative advantage in wheat production? In cotton production? Which country has absolute advantage in wheat production? In cotton production? C. Suppose New Zealand and Australia are consuming and producing 480 bushels of wheat and 240 bales of cotton, and 240 bushels of wheat and 480 bales of cotton respectively. Explain how both countries could be made better off by trading.
