1. Assume that the world consists of two countries, the US and India. Technologies are as follows: Hours required for Hours required for p_roduction in India production in the I IS Textiles (tons) 8 6 Airplanes 24 8 India is endowed with 96 hours of L. Le! textiles be the "mantra: Pt =1 , so Pa=relative price of airplanes=$ price of airplanes. a. What is the range of possible values for the eqm (rel.) price of airplanes under free trade, FT? b. Suppose the FT price of airplanes is 2. What is the equation that describes the set of possible Cbundles for India under FT? Under autarky? c. Suppose that eqm C in India under FT is 8 tons of textiles and 2 airplanes. Check that this is possible under FT but not: possible under autarky using the equations 'om part b. Does India gain from trade? How do you know? d. The \"L theory of value" as discussed by Karl Marx in D415 Eapital says that goods have intrinsic value equal to the amount of L embodied in them. \"Unequal exchange" occurs when the L value of a country's X exceeds the L value of its imports. Calculate the L embodied in India's X. Now calculate the amount of US L embodied in India*s M. Now value the amount of L embodied by the appropriate (nominal) wage. Does \"unequal" exchange occur? Why or why not? Is the US \"exploiting" India? Why or why not