1. 2X2X1 model, the labor cost in the production of Cheese and cloth in the two countries...

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1. 2X2X1 model, the labor cost in the production of Cheese and cloth in the two countries is as followings: Country A Country B Cheese 1/5 1 Cloth 1 1/3 (1) Which country has an absolute advantage in the production of Cheese or cloth? Why? (2) Suppose in the world market 5 unit cheese could exchange 3 unit cloth, how much are the trade gains of country A or country B? (3) Suppose in the world market 5 unit cheese could exchange 6 unit cloth, how much are the trade gains of country A or country B? Suppose that country A & B produce goods O and M. Information on their technology in production and factor endowments are given in the following two tables

Posted Date: May 18, 2024 12:03 PM

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1. 2X2X1 model, the labor cost in the production of Cheese and cloth in the two countries...

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