EC 0N485015850 ln-Class Exercise PPF, CPF, and TOT Name The following table shows the hours of labor required to produce 1 unit of each commodity in each country: Com Blankets U.S. 1 hour 5 hours Mexico 3 hours 6 hours 1. Which country has an absolute advantage in Blankets? In Corn? Explain why? Write down each country's APRs (Autarky Price Ratios). Which country has comparative advantage in Blankets? In Corn? 2. Suppose in our example the U.S. has 1000 hours of labor available and Mexico has 1800 hours of labor, draw the PPF of each country in the graphs below. 1500 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 Corn 100 200 300 400 500 600 700 300 9001000110012001300 United States Blankets Corn 1500 1400 1300 1200 1100 1000 900 800 700 000 500 400 300 200 100 100 200 300 400 500 600 700 800 9001000110012001300 Blankem Mexico 3. Telling from the slope of each country's PPF, which country has comparative advantage in Blankets? In Corn