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Can I get some help on these questions? Especially, how can I derive the equilibrium price? Part A] The following question are about trade between

Can I get some help on these questions?

Especially, how can I derive the equilibrium price?

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Part A] The following question are about trade between three countries, Chile, Korea, and the US, where there are two kinds of products produced in these countries; Automobile and Wine. Labor is the only production factor, and the production technology in each country can be completely described by the following unit labor requirements. Unit labor requirement (the amount of labor required to produce one unit of each product) Automobile Wine Chile 12 units of labor OLA 3 units of labor Korea 6 units of labor 6 units of labor US 8 units of laboral 4 units of labor Ort The units of labor available in Chile are 300, those in Korea are 600, and those in the U.S. are 800. 1) Which country has the strongest comparative advantage in producing wines? Briefly explain your answer. (2 points) 5 2) Derive and construct the world relative supply curve in Figure A. Please draw the curve in the space where the vertical axis represents the relative price of an automobile (price of one automobile/price of one unit of wine), and the horizontal axis represents the relative quantity of automobiles (world supply of automobiles/world supply of wine). (6 points) 3) Suppose that every consumer in the world has an identical homothetic preference, represented by the following Cobb-Douglas utility function: U(x, y) = x*%y,1/5 where x and y denote the automobile consumption level and the wine consumption level, respectively. a) Derive the world relative demand for automobiles (Q"/"w) as a function of a relative price of an automobile (PA/Pw). (3 points) b) Graph the relative demand curve along (denoting it by RD) with the relative supply curve in Figure A, and identify the equilibrium relative price of automobile (denoting it by p). (2 point) c) Derive the exact pattern of trade (who exports which product to whom by how much). (6 points)

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