PART 1 OF 2 - PLEASE HELP ME SOLVE THIS PROBLEM. THANKS 3. Gains from tradeConsider two neighboring island countries called Bellissima and Dolorium. They each have 4 million labor hours available per week that they can use toproduce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.JeansCornCountry(Pairs per hour of labor)(Bushels per hour of labor)Bellissima816Dolorium20Initially, suppose Bellissima uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce corn, while Dolorium uses3 million hours of labor per week to produce jeans and 1 million hours per week to produce corn. Consequently, Bellissima produces 8 million pairs ofjeans and 48 million bushels of corn, and Dolorium produces 15 million pairs of jeans and 20 million bushels of corn. Assume there are no othercountries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn itproduces.Bellissima's opportunity cost of producing 1 pair of jeans isof corn, and Dolorium's opportunity cost of producing 1 pair of jeans isof corn. Therefore,has a comparative advantage in the production of jeans, andhas acomparative advantage in the production of corn.Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. Inthis case, the country that produces jeans will producemillion pairs per week, and the country that produces corn will producemillion bushels per week.

Opportunity Cost: Direct expenditures, such as tuition, books, and school supplies, might be added…

Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Jeans Corn Country (Pairs per hour of labor) (Bushels per hour of labor) Bellissima 8 16 Dolorium 20