Question 8 d e and f Please help solve 8 d e and f Answer ALL parts of this question.Britain and France are countries in a Ricardian trade model. Each country produceswine and bread.*Unit labour requirement for wine in Britain, in hours: alw = 12Unit labour requirement for bread in Britain, in hours: ALB = 3Unit labour requirement for wine in France, in hours: atw = 2Unit labour requirement for bread in France, in hours: ažß = 1Britain and France both have 600 hours of labour available.Qw and QB are the quantities of wine and bread produced in Britain.Qw and Q are the quantities produced in France.(a)Explain what is meant by the "unit labour requirement in hours".(b)Calculate labour productivity, in terms of units produced per hour, for each good ineach country.(c)Explain which country has the comparative advantage in wine production, and why.(d)Under autarky, calculate the relative price of wine in each country.(e)With wine on the y-axis and bread on the x-axis, draw and label the productionpossibility frontiers for both countries. Label the axes.(f)Now assume there is free trade. On a new diagram, show the world relative supplyof wine, giving world relative price on the y-axis asPwPBand world relative quantity on the x-axis asQw + QwQB + Q BIf moulal

Given information Unit labor requirement for the wine and bread production in Britain and France.…

Answer ALL parts of this question. Britain and France are countries in a Ricardian trade model. Each country produces wine and bread. Unit labour requirement for wine in Britain, in hours: aw = 12 Unit labour requirement for bread in Britain, in hours: aLB = 3 Unit labour requirement for wine in France, in hours: atw = 2 Unit labour requirement for bread in France, in hours: ažß = 1 Britain and France both have 600 hours of labour available. Qw and QB are the quantities of wine and bread produced in Britain. Qw and Q are the quantities produced in France.

Answer ALL parts of this question. Britain and France are countries in a Ricardian trade model. Each country produces wine and bread. Unit labour requirement for wine in Britain, in hours: aw = 12 Unit labour requirement for bread in Britain, in hours: aLB = 3 Unit labour requirement for wine in France, in hours: atw = 2 Unit labour requirement for bread in France, in hours: ažß = 1 Britain and France both have 600 hours of labour available. Qw and QB are the quantities of wine and bread produced in Britain. Qw and Q are the quantities produced in France.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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