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3. Assume that two countries, Home and Foreign, produce two goods: TVs and cars. Use the information below to answer the following questions: In the NoTrade equilibrium: Home Forei I l V sectogr Car sector I V sector9 Car sector9 MPL= 48 IE- (Hint: remember the link between price ratios and slope of the PPF curve] a. What is the marginal product of labor for cars in Home? What is the no trade relative price of TVs in Home? b. What is the marginal product of labor for TVs in Foreign? What is the no-trade relative price of TVs in Foreign? 0. Suppose the world relative price of TVs in the trade equilibrium is PTv/Pc = 1. Which good will each country export? Briey explain why. (1. In the trade equilibrium, what is the real wage in Home in terms of cars and in terms of TVs? How do these values compare with the real wage in terms of either good in the notrade equilibrium? e. In the trade equilibrium, what is the real wage in Foreign in terms of TVs and in terms of cars? How do these values compare with the real wage in terms of either good in the notrade equilibrium? f. In the trade equilibrium, do Foreign workers earn more or less than Home's workers, measured in terms of their ability to purchase goods? Explain why