4. Suppose that each worker in Foreign can produce three cars or two TVs. Assume that Foreign...

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4. Suppose that each worker in Foreign can produce three cars or two TVs. Assume that Foreign also has four workers.

a. Graph the production possibilities frontier for Foreign.

b. What is the no-trade relative price of cars in Foreign?

c. Using the information provided in Problem 3 regarding Home, in which good does Foreign have a comparative advantage, and why?

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International Economics

ISBN: 9781429278423

4th Edition

Authors: Robert C. Feenstra; Alan M. Taylor

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Question Posted: Nov 08, 2024 03:00 AM

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4. Suppose that each worker in Foreign can produce three cars or two TVs. Assume that Foreign...

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International Economics

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