Question: Please help with the following question. Thanks. 1. {3d points] Consider the Ricardian model with two countries: Hymle and Arcadia. Hyrule requires 3 hours of

Please help with the following question. Thanks.

Please help with the following question. Thanks. 1. {3d points] Consider the

1. {3d points] Consider the Ricardian model with two countries: Hymle and Arcadia. Hyrule requires 3 hours of labor to produce 1 bushel of wheat and 4 hours of labor to produce 1 yard of cloth. Arcadia requires 2 hours of labor to produce 1 hushel of wheat and 15 hours of labor to produce 1 yard of cloth. There are 43 hours of work available both in Hyrule and Arcadia. Please answer the following questions: {a} Graph the production possibilities frontier for Arcadia. Locate wheat on the horizontal axis and cloth on the 1vertical one. Include in your plot the slope of the PPF and the maximum output that can he produced of each good. {-1 points} Eh} Graph the production possibilities frontier for Hyrule. Locate wheat on the horizontal axis and cloth on the vertical one. Include in your plot the slope of the PPF and the maximum output that can he produced of each good. {-1 points} {c} Which countly has an absolute advantage in wheat production? Which country has an absolute advantage in cloth production?I Briey explain. (4 points} {d} Compute the opportunity costs of producing hoth goods in both countries. Which coun try has comparative advantages in producing wheat?I Which country has comparative in producing cloth? [ii points) {e} Suppose that Hyrule and Arcadia are trading. Each country completely specializes in one good. What is the possible range of the free-trade relative price of wheat. That is. what is minimum and maximum value that the free-trade relative price of wheat can take. {4 points] {1"} Which country is likely to gain more from trade if the freetrade relative price of wheat is equal to 233? Explain your answer {6 points)

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