Please answer Q) d,e,f!!Thank you! 2. Consider the following Ricardian example, using standard Ricardian assumption:VintlandMoonitedLabour hours per bottle of wine7.5Labour hours per kg of cheese5a) Which country has an absolute advantage in wine? In Cheese?b) Which country has a comparative advantage in wine? Cheese? (Calculate the opportunitycost of wine and cheese in each country.) Put the numbers in the following table:VintlandMoonitedWine priceCheese pricec) Suppose that Vintland has 10 million hours of labour and Moonited has 15 million hoursof labour. Graph each country's production possibilities curve. If Vintland produces 3million cheese and Moonited produces 1.5 million kilos of cheese, how much wine isproduced by each country? Show all on graph. d) When trade opened which country exports which good? Suppose the international price is½ bottle of wine per kilo of cheese, what happens to production in each country (in termsof specialization of goods)?e) In this free-trade equilibrium, 2 million kilos of cheese and 1 million bottle of wine aretraded. What is the consumption point in each country with free trade? Show thisgraphically. Also show vertical and horizontal intercepts of the trade lines for eachcountry.f) Does each country gain from trade? Explain, referring to your graphs as is appropriate.

D)The respective country will export goods in which they have a comparative advantage. Just as…

d) When trade opened which country exports which good? Suppose the international price is ½ bottle of wine per kilo of cheese, what happens to production in each country (in terms of specialization of goods)? e) In this free-trade equilibrium, 2 million kilos of cheese and 1 million bottle of wine are traded. What is the consumption point in each country with free trade? Show this graphically. Also show vertical and horizontal intercepts of the trade lines for each country. f) Does each country gain from trade? Explain, referring to your graphs as is appropriate.

d) When trade opened which country exports which good? Suppose the international price is ½ bottle of wine per kilo of cheese, what happens to production in each country (in terms of specialization of goods)? e) In this free-trade equilibrium, 2 million kilos of cheese and 1 million bottle of wine are traded. What is the consumption point in each country with free trade? Show this graphically. Also show vertical and horizontal intercepts of the trade lines for each country. f) Does each country gain from trade? Explain, referring to your graphs as is appropriate.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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