People in a particular country that is closed to trade consu
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People in a particular country that is closed to trade consume only cheese and bread. They always consume one slice of c
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People in a particular country that is closed to trade consume only cheese and bread. They always consume one slice of cheese with one slice of bread. It takes three labor-hours to produce a slice of cheese and one labor-hour to produce a slice of bread. The country has a total of 80 labor-hours per day. How many slices of cheese and bread will be produced per day? Now suppose that the economy is opened to trade. On the world market, the price of one slice of bread equals the price of one slice of cheese. How does production in the country change? What is the new consumption of bread and cheese?
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