Q1 Suppose that the wage ratio of skilled labor v.s. unskilled labor, wH/wL, is lower at home than at the foreign country and that production involves four stages/tasks, namely, R&D, marketing, components, and assembly ordered from the most skill intensive to the least skill intensive. Now consider a decrease in trade costs for shipping components and final goods between the two countries. Use a relative skilled-labor demand- and supply-curve graph to show the effect of lower trade costs on home country’s wH/w Use another relative skilled-labor demand- and supply-curve graph to show the effect of lower trade costs on foreign country’s wH/w

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