Given the following table: US UK Commodity-X (units/man hour) 24 4 Commodity-Y (units/man hour) 16 8 If U.S exchange 24X for 24Y with U.K. i. What is the gain to US and UK? ii. What is the range for mutually beneficial trade? iii. What is the dollar price of commodity X in the U.S if the wage rate is $48? iv. What is the pound price of commodity X in the U.K if the wage rate is 8? v. What is the dollar price of commodity Y in the U.K if 1 = $2? vi. What is the pound price of commodity Y in the U.S if 1 = $2? 2. Suppose that the US and UK are the only countries in the world and that labor is the only productive input. Labor Requirements for One unit of X One unit of Y UK 24 16 US 12 12 a. Which country has absolute advantage in X? in Y? Explain. b. Which country has comparative advantage in X? in Y? Explain