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Could you please answer all of these question comprehensively as soon as possible, thank you so much . Thumb up for sure :) (a) Which

Could you please answer all of these question comprehensively as soon as possible, thank you so much . Thumb up for sure :)

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(a) Which country has a comparative advantage in the production of beef, and which country has a comparative advantage in the production of wine? Explain your answer and show all calculations. (1 mark) (b) According to the theory of comparative advantage, which country should specialize in the production of beef, and which country should specialize in the production of wine? ( 1 mark) (c) Suppose that, prior to trade, each country devotes half of its resources to the production of each good. If each country has 120 units of resources, what is the total production of beef and wine by these two countries? ( 1 mark) (d) Suppose Chile and Argentina are now engaged in bi-lateral trade of beef and wine. Suppose the country, which has a comparative advantage in the production of beef (you should know which country from part c), decides to produce only beef and the country, which has which has a comparative advantage in the production of wine, decides to devote 75% of its resources to the production of wine. How would the total production of beef and wine be affected by trade? ( 2 marks)

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