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Consider China and US in a Ricardian world. Each country produces two goods, corn and wheat. Each country has 600 units of labour hour available.

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Consider China and US in a Ricardian world. Each country produces two goods, corn and wheat. Each country has 600 units of labour hour available. The table of unit labour costs for production of each good in each country is below: Corn Wheat China 6 4 US 2 2 a. 1) What is the marginal product of labour in corn in China? 2) What is the opportunity cost of producing corn in China? b. 1) What is the marginal product of labour in wheat in China? 2) What is the opportunity cost of producing wheat in China? c. 1) What is the marginal product of labour in corn in US? 2) What is the opportunity cost of producing corn in US? d. 1) What is the marginal product of labour in wheat in US? 2) What is the opportunity cost of producing wheat in US? e. Which country has absolute advantage in corn? f. Which country has absolute advantage in wheat? g. Which country has comparative advantage in corn? h. Which country has comparative advantage in wheat

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