Suppose that each worker in the home country can produce 6 bushels of wheat or 4 yards

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Suppose that each worker in the home country can produce 6 bushels of wheat or 4 yards of cloth. Assume that Home has fifty workers.

a) What is the no-trade relative price of wheat at Home?

Suppose that each worker in the foreign country can produce 3 bushels of wheat or 3 yards of cloth. Assume that Home has one hundred workers.

b) What is the no-trade relative price of wheat in Foreign?

c) In which good does Home have a comparative advantage and why?

Related Book For answer-question

Applied Linear Algebra

ISBN: 978-0131473829

1st edition

Authors: Peter J. Olver, Cheri Shakiban

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Posted Date: Nov 22, 2022 04:52 AM

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Suppose that each worker in the home country can produce 6 bushels of wheat or 4 yards

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a Quantity Given Goods Wheat bushels ClothYards Home 6 4 Foreign 3 3 Opport... View the full answer

Applied Linear Algebra

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