Assume that Home and Foreign produce two goods, TVs and cars, and use the information below to answer the following questions: In the No-Trade Equilibrium Home WageTy=12 MPL TV=4 PTV = ? Wage c=? MPLC = ? Pc=4 Foreign Wage TV=? MPL TV=? PTV=8 Wage c=6 MPL c=1 Pc=? A. What is the marginal product of labor for TVs and cars in the Home? What is the no-trade relative price of TVs in Home?
Assume that Home and Foreign produce two goods, TVs and cars, and use the information below to answer the following questions: In the No-Trade Equilibrium Home WageTy=12 MPL TV=4 PTV = ? Wage c=? MPLC = ? Pc=4 Foreign Wage TV=? MPL TV=? PTV=8 Wage c=6 MPL c=1 Pc=? A. What is the marginal product of labor for TVs and cars in the Home? What is the no-trade relative price of TVs in Home?
Chapter18: International Trade And Comparative Advantage
Section: Chapter Questions
Problem 2TY
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![Assume that Home and Foreign produce two goods, TVs and cars, and use the information below to answer the following questions:
Home
WageTy = 12
MPL TV=4
Prv=?
In the No-Trade Equilibrium
Wagec = ?
MPLC = ?
Pc=4
Foreign
Wage TV = ?
MPL TV = ?
PTV = 8
Wage c = 6
MPL c = 1
Pc = ?
A. What is the marginal product of labor for TVs and cars in the Home? What is the no-trade relative price of TVs in Home?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd9b85f7c-30cd-4d92-a4d3-965f6bfe62a6%2F193a3122-d5d1-42ec-8f62-368c6405d546%2Facsxci_processed.png&w=3840&q=75)
Transcribed Image Text:Assume that Home and Foreign produce two goods, TVs and cars, and use the information below to answer the following questions:
Home
WageTy = 12
MPL TV=4
Prv=?
In the No-Trade Equilibrium
Wagec = ?
MPLC = ?
Pc=4
Foreign
Wage TV = ?
MPL TV = ?
PTV = 8
Wage c = 6
MPL c = 1
Pc = ?
A. What is the marginal product of labor for TVs and cars in the Home? What is the no-trade relative price of TVs in Home?
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