Consider 2 Countries, Domestic and Foreign. Both countries have the same production technology. They differ in their endowment ofL and K.Foreign has the following situation:PFood = 6*w + 4*rPBeyerage = 4*w + 4*rPFood = $24Domestic has the following situation:= 6*w + 4*rPEoodPBeveragePEeod = $32PBeverage = $24= 4*w + 4*rPBeverage= $201.Initially, the countries operate in autarky – no trade. Complete the table to determine conditions within each country.Autarkyw*D =w*Fr*D =r*Fw/r =w/r =(K/L)Food =(K/L)Feed(K/L)Beverage(K/L)BeverageFood per w =Food per w =Beverage per w =Beverage per w =Food per r=Foodper r =Beverage perr=Beverage perr=1.1.10

Answered: PEood = 6*w + 4*r PBeyerage = 4*w + 4*r…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 26EQ

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