Explain how the Ricardian model and the Heckscher-Ohlin model ofinternational trade differ in terms of the following. Use suitable diagrams toillustrate.a) Production possibility frontiers (1.5 marks)b) Relative supply curves (1.5 marks)c) Effects of trade on relative prices, production, and income distribution

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a Production possibility frontiers Using the two production functions and the labor constraint we can describe the production possibility frontier PPF ... View the full answer