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A. What is the relative price of wheat i.e., Pw/Pcin USA? B.What is the relative price of wheat i.e., Pw/Pcin UK? C.Suppose the autarky consumption

A. What is the relative price of wheat i.e., Pw/Pcin USA?

B.What is the relative price of wheat i.e., Pw/Pcin UK?

C.Suppose the autarky consumption is as follows:

USA: 3 wheat and 3/4 cloth.

UK : wheat and 1 cloth.

If the terms of trade is 1 wheat = 1 cloth; what is the gain from trade if both countries consume the same amount of food as before?

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