Question $11($Mandatory$)(20$ points$)$

The following table describes the number of yards of cloth and barrels of wine that can be produced with a week's worth of labor in England and Portugal. Assume that no other inputs are needed.

$\backslash$table$[[,$In England,In Portugal$],[$Cloth$,16$ yards,$24$ yards$],[$Wine$,4$ barrels,$12$ barrels$]]$

A$.$ If there is no trade, what is the price of wine in terms of cloth in England?

B$.$ If there is no trade, what is the price of wine in terms of cloth in Portugal?

C$.$ Which country has an absolute advantage in producing which good$($s$)?$ Which country has a comparative advantage in producing which good$($s$)?$

D$.$ If the countries start trading with each other, which country will specialize and export which good?

E$.$ What can be said about the price at which trade will occur?

Please label your answers with letters and write answers to corresponding lettered questions.