Please do only the last one (and please not that beef profuction = 8 as it says in the problem) 2. The Ricardian Model and ArgentinaBelow are several questions about the Ricardian Model in the context of Argentina as a small openeconomy (Argentina takes world prices as given). Some information about Argentina: Argentinacan produce two goods: manufactures and beef. The technology to produce manufactures and beefboth only use labor and they have constant marginal products of labor. The marginal product oflabor in manufactures is 3. The marginal product of labor in beef production is 8.a. In autarky (i.e. no international trade) what is the relative price of beef to manufactures?b. Suppose that Argentina is a "small open economy", that is it takes world prices as given andArgentina will have no impact on international supplies and prices. If the world relative priceof beef to manufactures is 1/2, will international trade benefit those in Argentina? If so, whatproduct will Argentina export? What product will it import?c. Suppose that Argentina's labor force equals 100 units. Illustrate the production possibility fron-tier, the point at which Argentina will produce, and given your answer in (2.) the consumptionpossibility frontier.d. Since the early 2000's incomes in China have risen and in turn their demand for Argentine beefhas risen. As a result of China's growth, this increase in demand has pushed up the worldrelative price of beef to manufactures to 2/3. How has Argentina's consumption possibilityfrontier changed? How have real wages (in units of manufactures) grown in Argentina?e. Suppose that the Argentine government places a tax on the exports of beef to keep domesticfood prices low. Specifically, for every one unit of beef sold internationally, the government takes1/4 of a unit of beef. What is the effective (i.e. taxes included) world relative price those inArgentina face? How will real wages (in units of manufactures) change in response to the tax?How do you think vegetarians (who do not care about the price of beef) in Argentina feel aboutthis policy?

Taxation is the process through which a government or other taxing body imposes or levies a tax on…

e. Suppose that the Argentine government places a tax on the exports of beef to keep domestic food prices low. Specifically, for every one unit of beef sold internationally, the government takes 1/4 of a unit of beef. What is the effective (i.e. taxes included) world relative price those in Argentina face? How will real wages (in units of manufactures) change in response to the tax? How do you think vegetarians (who do not care about the price of beef) in Argentina feel about this policy?

e. Suppose that the Argentine government places a tax on the exports of beef to keep domestic food prices low. Specifically, for every one unit of beef sold internationally, the government takes 1/4 of a unit of beef. What is the effective (i.e. taxes included) world relative price those in Argentina face? How will real wages (in units of manufactures) change in response to the tax? How do you think vegetarians (who do not care about the price of beef) in Argentina feel about this policy?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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