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Assignment:
Assume New Zealand and Australia are two countries. Each country can produce two good only: milk and cheese. Given its resources New Zealand can either produce 50 kilograms of cheese or 300 litres of milk. Australia can either produce 100 kilograms of cheese or 300 liters of milk.
a) Draw the production possibility frontiers for each country. Please measure milk on the x-axis and cheese on the yaxis.
b) According to the theory of comparative advantage and Gains from Trade which country should specialise in cheese and which country should specialise in milk to achieve Gains from Trade. (Hint: You will have to calculate opportunity cost of each good in each country to answer this part.)
c) Indicate the specialization points according to comparative advantage on your PPF for each country.
d) What is the range for acceptable terms of trade for each good that will satisfy each country for "Gains from Trade" to be realised? How is each country better off? Explain.
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