Question: 12. Using the results from Problem 11, explain why the Ricardian model predicts that Mexico would gain more than the United States when the two

12. Using the results from Problem 11, explain why the Ricardian model predicts that Mexico would gain more than the United States when the two countries signed the North American Free Trade Agreement, establishing free trade between them.

Pw/Pc 1 Foreign imports Home exports 1/2 0 50 D 80 100

Pw/Pc 1 Foreign imports Home exports 1/2 0 50 D 80 100 Wheat

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