There are two countries Home and Foreign. Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. Foreign has a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1. Suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples. 1.) Using the 3-point curved line drawing tool, draw the relative demand curve on the graph to the right. Label the curve RD. Now suppose that instead of 1,200 workers, Home had 2,400. The relative supply curve (RS) would shift to the right (as shown by RS₁). 2.) Using the point drawing tool, indicate the new equilibrium relative price of apples. Label this point EQ. Carefully follow the instructions above and only draw the required objects. 5- 4. 3- 2- 0 Relative price of apples Pa/Pb RS 0.25 0.5 0.75 RS₁ 1.25 1.5 1.75 2 Relative quantity of apples

Q: Write a note on easy writing and discuss types of eassys

A: Essay writing would mean simple writing Writing that would include systematic paragraph…

Q: An agricultural seed company has an inverse demand given by: P = 120 - 2Q, and a cost function given…

A: Note : In case of multiple questions , we answer only the first question.  The answer to your first…

Q: Refer to Figure 3-1. The rate of trade-off between producing chairs and producing couches is…

A: Let us define the concept of opportunity cost. Opportunity cost theory states that the cost of a…

Q: How crucial is utility for it organization

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: What will happen if you make the underground economy legal?

A: Underground economy is the economic activities which are beyond the reach of tax regulators and…

Q: Can someone answer more of the questions?

A: Disclaimer- “Since you have asked multiple question, we will solve the last three question of 1st…

Q: the quantity of a good or service which consumers want and have the ability to purchase

A: Quantity- It is the number or amount of goods or services.

Q: What happens if you make the underground economy legal?

A: Underground economy is the economic activities which are beyond the reach of tax regulators and…

Q: Answer the questions a through f

A: As per company policy we are only supposed to answer one question up-to 3 subsets in one session, so…

Q: What is the matter economic

A: Discussing the "matter" of economics involves exploring its fundamental components and core…

Q: dccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc…

A: Your question is not visible.

Q: What protections were put in place to reduce online access to prescription drugs?

A: Prescription drugs are often powerful drugs that require a doctor's or dentist's prescription.…

Q: ings that Mark Louis provided to you during an online presentation.

A: 1. Leverage your voice Whenever you eliminate the actual point from your show, your voice…

Q: where did 11 come from?

A: The formula we use for calculating the amount if the principal is compounded at an interest rate r…

Q: Based on the Customer Social Responsibility program, what are other areas that you think need…

A: Customer Social Responsibility program is a conscious business model aiming at making firms more…

Q: What is a literature review?

A: A research report refers to a publication that reports on the findings of a research project or…

Q: What couses immigration

A: Immigration refers to the movement of individuals from their home country to any other country. The…

Q: If the value of the CPI in 2010 was 218.1 and the value of the CPI in 2011 was 224.9, calculate the…

A: Inflation rate can be calculated as follows.

Q: What are criminal prosecutions?

A: The court is the place where trials and legal cases take place.

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.