Question: Consider an economy with two countries and two goods. Unit labor requirement for each product is given in the table below. Suppose that Domestic and

Consider an economy with two countries and two

Consider an economy with two countries and two goods. Unit labor requirement for each product is given in the table below. Suppose that Domestic and Foreign can trade apple in exchange for orange at 1-to-1 ratio. Assume that consumers also prefer consuming at one apple for every orange. Calculate the increase in consumption of orange in Foreign after trade opens. Report your answer in 3-decimal precision. Ex: If your answer is 666.54634654674, then 666.546. Consider an economy with two countries and two goods. Unit labor requirement for each product is given in the table below. Suppose that Domestic and Foreign can trade apple in exchange for orange at 1-to-1 ratio. Assume that consumers also prefer consuming at one apple for every orange. Calculate the increase in consumption of orange in Foreign after trade opens. Report your answer in 3-decimal precision. Ex: If your answer is 666.54634654674, then 666.546

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