1. Recall the productivity and wage information in Lecture 11.1 for Australia and Foreign. Suppose the wage ratio is w/w = 2. Hours needed per unit Wheat (tonnes) Toys (1000's) Australia Foreign 20 60 6 8 a) Calculate how many hours an AUS worker would have to work to afford a unit of wheat and a unit of toys without trade. b) Calculate how many hours an AUS worker would have to work to afford a unit of wheat and a unit of toys with trade. c) Can trade improve the workers standard of living?

1. Recall the productivity and wage information in Lecture 11.1 for Australia and Foreign. Suppose the wage ratio is w/w = 2. Hours needed per unit Wheat (tonnes) Toys (1000's) Australia Foreign 20 60 6 8 a) Calculate how many hours an AUS worker would have to work to afford a unit of wheat and a unit of toys without trade. b) Calculate how many hours an AUS worker would have to work to afford a unit of wheat and a unit of toys with trade. c) Can trade improve the workers standard of living?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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