(d) Assume that the two countries trade, and that one bushel of wheat is (c) Since Country B has the comparative advantage in cloth, they should import wheat
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(d) Assume that the two countries trade, and that one bushel of wheat is (c) Since Country B has the comparative advantage in cloth, they should import wheat
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(b) Economic models don't have the objective of representing the complex details of reality or nation to determine whether to produce a good or buy it from someone else 3 The only two countries in the world, Alpha and Omega, face the following (a) Assume that each country decides to use half of its resources in the
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B X Y 60 40 Problem Set #4 - Answers Trade Models 1 Consider the two Ricardian b) Calculate their autarky relative prices of good X, px/py A: b) What is the effect on consumers in this model if the marginal cost of production,
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