Question: Use the table to answer the below questions: -- (hours denotes hours of labor to produce one unit) Calculate the price ratio for each country

Use the table to answer the below questions: -- (hours denotes

Use the table to answer the below questions: -- (hours denotes hours of labor to produce one unit) Calculate the price ratio for each country in autarky. Which country has an absolute advantage in each good? Why? Which country has a comparative advantage in each good? Why? Assume each country is endowed with 60 hours of labor and a world terms of trade of 1C:1 W. Graph the PPF and CPF for each country given this endowment and assuming the direction of trade is determined by comparative advantage. Are the countries better off with trade? Why

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