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A. Use data in the "production possibilities" table below to answer the following questions:
Country/Good
Beans
Typewriters
Nicaragua
10
20
Costa Rica
Assume that each country has the same labor endowment, so the numbers in the table above represent the amount that can be produced of a single good if all labor is devoted to producing that good (full specialization). A country can produce a mix of the two goods if it uses its opportunity cost number to reduce 1 good and increase the other. Based on this, choose a production pattern for each country and specify how much of a good it will export in exchange for a certain number of the imported goods. What is the country's total consumption of both goods after trade?
1990
Typewriter
Planning for trade
Nicaragua produces:
Costa Rica produces:
Actual trade
Nicaragua's imports & exports (specify which way and number)
Costa Rica's imports & exports
(specify which way and number)
Post trade
Nicaragua's consumption:
Costa Rica's consumption:
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