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28 Sep 2019
Assume Venezuela has a linear production possibilities frontier (before the trade) which shows that it can produce either 90 barrels of oil or 40 bushels of corn using 100 worker hours. Also, suppose Venezuela decides to produce 60 barrels of oil and will trade oil for corn. If the trading price in this economy is 30 barrels of oil for 30 bushels of corn, determine how many bushels of corn Venezuela will have at the end of this exchange if they trade 30 barrels of oil. Round your answer to the nearest two decimal places.
Assume Venezuela has a linear production possibilities frontier (before the trade) which shows that it can produce either 90 barrels of oil or 40 bushels of corn using 100 worker hours. Also, suppose Venezuela decides to produce 60 barrels of oil and will trade oil for corn. If the trading price in this economy is 30 barrels of oil for 30 bushels of corn, determine how many bushels of corn Venezuela will have at the end of this exchange if they trade 30 barrels of oil. Round your answer to the nearest two decimal places.
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Darryn D'SouzaLv10
28 Sep 2019