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Gains from Specialization and Trade
1.
3 Interdependence and
the Gains from Trade
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Table 1 The
Production Opportunities of the Farmer and Rancher Copyright © 2004 South-Western
10.
11.
Figure 1 The
Production Possibilities Curve Potatoes (ounces) 0 Meat (ounces) (a) The Farmer ’ s Production Possibilities Frontier Copyright©2003 Southwestern/Thomson Learning 4 16 8 32 A If there is no trade, the farmer chooses this production and consumption.
12.
Figure 1 The
Production Possibilities Curve Copyright©2003 Southwestern/Thomson Learning Potatoes (ounces) 0 Meat (ounces) (b) The Rancher ’ s Production Possibilities Frontier 12 24 B 48 24 If there is no trade, the rancher chooses this production and consumption.
13.
14.
Table 2 The
Gains from Trade: A Summary Copyright © 2004 South-Western
15.
Figure 2 How
Trade Expands the Set of Consumption Opportunities Copyright©2003 Southwestern/Thomson Learning Potatoes (ounces) 0 Meat (ounces) (a) The Farmer ’ s Production and Consumption 4 16 5 17 8 32 A A* Farmer's production and consumption without trade Farmer's consumption with trade Farmer's production with trade
16.
Figure 2 How
Trade Expands the Set of Consumption Opportunities Copyright © 2004 South-Western Potatoes (ounces) 0 Meat (ounces) (b) The Rancher ’ s Production and Consumption 12 24 13 27 B 48 24 12 18 B* Rancher's consumption with trade Rancher's production with trade Rancher's production and consumption without trade
17.
Table 2 The
Gains from Trade: A Summary Copyright © 2004 South-Western
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Table 3 The
Opportunity Cost of Meat and Potatoes
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Comparative Advantage and
Trade … so, the Rancher has a comparative advantage in the production of meat but the Farmer has a comparative advantage in the production of potatoes.
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Editor's Notes
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