Table 1 Assume that Huang and Min can switch between producing parasols and prod

ID: 1144091 • Letter: T

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Table 1 Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate. Labor Hours Needed Quantity Produced to Make 1 in 36 Hours Parasol Plate Parasol Plate Huang 2618 Min 4 18 31.Refer to Table 1. At which of the following prices would both Huang and Min gain fror trade with each other? a. 15 parasols for 10 plates b. 15 parasols for 6 plates c. 15 parasols for 3 plates d. Huang and Min could not both gain from trade with each other at any price. ANS: B

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Solution: 15 parasols for 6 plates

Explanation: At 15 parasols for 6 plates both Huang and Min gain from trade with each other. The options 15 parasols for 3 plates and 15 parasols for 10 plates will not bring gain for both

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Table 1 Assume that Huang and Min can switch between producing parasols and prod

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