If Paul divides his time equally between corn and wheat, he will be able to produce Paul Cliff Wheat Wheat 8 6 10 Com 4. Corn a. 2 bushels of wheat and 2 bushels of corn. b. 3 bushels of wheat and 3...

Extracted text: If Paul divides his time equally between corn and wheat, he will be able to produce Paul Cliff Wheat Wheat 8 6 10 Com 4. Corn a. 2 bushels of wheat and 2 bushels of corn. b. 3 bushels of wheat and 3 bushels of corn. c. 4 bushels of wheat and 5 bushels of corn. d. 4 bushels of wheat and 6 bushels of corn. Paul's opportunity cost of 1 bushel of corn is bushel(s) of wheat. Assume Cliff and Paul were both producing wheat and corn, and each person was dividing his time equally between the two. Then each decides to specialize in the product in which he has a comparative advantage. Furthermore, they agree to trade 3 bushels of wheat for 3 bushels of corn. As a result of these new arrangements, Cliff is able to consume a. 4 bushels of wheat and 3 bushels of corn, and this point lies on Cliff's production possibilities frontier. b. 3 bushels of wheat and 3 bushels of corn, and this point lies outside of Cliff's production possibilities frontier. c. 3 bushels of wheat and 2 bushels of corn, and this point lies on Cliff's production possibilities frontier. d. 4 bushels of wheat and 3 bushels of corn, and this point lies outside of Cliff's production possibilities frontier.