Please answer the following questions, following the instructions carefully.Assume that Cuba and Venezuela face the production possibilities for oil and medical care shown in the table below:
Please answer the following questions, following the instructions carefully.Assume that Cuba and Venezuela face the production possibilities for oil and medical care shown in the table below:
Cuba Venezuela
Quantity of oil (millions of barrels) Quantity of Medical Care (millions of patients cared for) Quantity of oil (millions of barrels) Quantity of Medical Care (millions of patients cared for)
0 5 0 2.5
100 4 200 2
200 3 400 1.5
300 2 600 1
400 1 800 0.5
500 0 1000 0
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What is the opportunity cost of caring for a patient in Cuba? In Venezuela? What is the opportunity cost of a barrel of oil in Cuba? In Venezuela?
Which country has the comparative advantage in producing oil? In medical care?
Suppose that in autarky, Cuba produces 200 million barrels of oil and cared for 3 million patients[1]; and that Venezuela produces 600 million barrels of oil and cared for 1 million patients. Without trade, can Cuba produce more oil and more healthcare? Can Venezuela?
For questions 4-6, lets assume that each country specializes in the product in which it has the comparative advantage, and the two countries trade.
What is the total quantity of oil produced by both countries together? How many patients are treated by both countries together?
Is it possible for Cuba to consume 500 million barrels of oil and to treat 3 million patients, while Venezuela consumes 500 million barrels of oil and treats 2 million patients?
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