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Draw the production possibilities frontiers

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Reference no: EM132786930

This exercise introduces the concept of "consumption possibilities frontier." Suppose Argentina (A) and Bolivia (B) only trade with each other and they both produce the same two goods: grocery (G) and fish (F). Given its resources, Argentina can produce either 2 units of grocery per day or 1 unit of fish; Bolivia can produce either 5 units of grocery or 4 units of fish. The international price of fish is equal to the average of the opportunity costs of production in the two countries.

a. Draw the production possibilities frontiers for each country on separate graphs.

Reference no: EM132786930

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