Question: Please help in solving the questions below. U, U2 U3 Market Goods ($) Market Goods ($) Market Goods ($) U , SEC Hp H Home

Please help in solving the questions below.

Please help in solving the questions below. U, U2 U3 Market Goods

U, U2 U3 Market Goods ($) Market Goods ($) Market Goods ($) U , SEC Hp H Home Goods ($) 0 Home Goods ($) He Home Goods ($) (a) Relatively Strong Preferences for Market Goods (b) Relatively Strong Preferences for Home Goods (c) Intermediate Preferences MEGHAN HARRY $ value of Home Goods (H) $ value of Market Goods (M) $ value of Home Goods (H) $ value of Market Goods (M) 0 150 0 90 20 125 30 75 40 100 60 60 60 75 90 45 80 50 120 30 100 25 150 15 120 180 Refer to the graphs and the table above for assistance in answering these questions. a. Based on the information in the table: Meghan has an absolute advantage in _ goods Harry has an absolute advantage in goods Meghan has a comparative advantage in _ goods Harry has a comparative advantage in goods Briefly explain how you determined absolute and comparative advantages. b. Based on your responses in part a.: Meghan should specialize in the production of - goods Harry should specialize in the production of - goods Briefly explain how you determined specialization. c. Suppose Meghan and Harry have a relatively strong preference for market goods. Which of the three graphs illustrates this situation? (Refer to them as Left, Middle, Right) Briefly explain. d. Suppose instead that Meghan and Harry have a relatively strong preference for home goods. Which of the three graphs illustrates this situation? (Refer to them as Left, Middle, Right) Briefly explain

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