Question 4 (1 point) Consider Iran and Iraq and their production of oil and olive oil. Relatively recent OPEC astimates indicate that in July 2012, Iran produced about 4.1 milition barrels of oil per day and Iraq produced about 3.2 million barrels of oll per day, making them the second- and third-largest oil producers in OPEC, behind Saudi Arabia (and the 4th and 7th largest ol producing countries in the wordd. Suppose that Iran and Iraq both produce barrels of oll and bottles of olive oil, which are sold for the same price in both countries. These are the combinations of the two goods that each country can produce in one day using the same amounts of capital and labor (with all measures in milions throughout): Sucpose that without specialzation, Iran produces 4 barrels of ol and 6 bottles of olive oil, and lraq produces 4 barrels of oil and 4 bottes of otve oil (in milions per day). Are the countries better off or worse off with specializabion and trade? Suppose that the terms of trade with specialcation are 4 barrels of ol for 5.1 boties of olive oil, and that 4 barrels of oll are indeed traded for 5.1 bottles of owve of. Whit scecialzation and trade, how mary gddicional bottles of olive oil can the two countres produce iwhen considered togetherp? Provide your answer as a number measured in mitions rounded to twe decimal places Use ". to Joticate negative amounts. Do not include any. symbois, woch as "5.:"s." * he, or ". in your