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traphard979
traphard979
17.02.2020 • 
Mathematics

Suppose Latvia and Estonia each produce only two goods, tractors and bobsleds. Both are produced using labor alone. Assuming both countries are at full employment, you are given the following information: Latvia: 10 units of labor required to produce 1 tractor 4 units of labor required to produce 1 bobsled Total labor force: 1,000,000 units Estonia: 15 units of labor required to produce 1 tractor 10 units of labor required to produce 1 bobsled Total labor force: 750,000 units Draw the production possibility frontiers for each country in the absence of trade. 1.) Using the line drawing tool, draw the production possibility frontier for Latvia. Properly label your line.

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