EEB21003International Economics and Trade Assignment 1 Question2 Use the information given in the table below. Analyze the trade patterns by applying the theories of absolute advantage and comparative advantage. Assuming that labor hour is the only input resource use in both countries to produce good C and good T. Country A was endowed with 12,000 hours and country-B with 9,900 hours. The price per unit of a good is assumed to be equal to the amount of labor cost paid to produce a unit of a good. The wage rate in country A is Wa/hour and in country B is Ws/hour. Use diagrams when necessary when explaining your analysis. Note: When explaining trade we always begin with a period of no trade or pre-trade or autarky. Among others that you should include in your analysis is the equilibrium international price for good C and good T and the range or limit of the international price. Warning: Your answer must be elaborate and extensive