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9. the following Offer Curve Diagram. If the nation's tastes for its import commodity increases, IA the nation's offer curve rotates toward the axis measuring its export commodity. IA the partner's offer curve rotates toward the axis measuring its import commodity. A none of the other options. IA the partner's offer curve rotates toward the axis measuring its export commodity. IA the nation's offer curve rotates toward the axis measuring its import commodity. Consider the following monetized Ricardian model of international trade. Let w = wage rate, L/unit the amount of labor time required to make 1 unit of the good in question, Pc = price of cloth, Pwn = price of wine, f = British pound, esc = escudo (old Portuguese currency). Assume that the exchange -lesc rate is e = fl . Let E = England and Pt = Portugal. Country w/hr L/unit Pc L/unit PWn (1) England f1 ac = 2hrs. aw =3 hrs. E3 (2) Portugal 0.7 esc P = 5 hrs. 3.5 esc PI =4 hrs. esc 12. Which of the following statements is correct? O The autarkic equilibrium price of Cloth in England is E3. Portugal has a comparative advantage in Wine. None of the other options. O The autarkic equilibrium price of Wine in Portugal is 7.5 esc. England has a comparative advantage in Wine.15. Suppose that in a competitive output market, firms hire labor from a competitive labor market (so that the profit maximization conditions for hiring labor are as we discussed in class). The firm has a fixed number of machines and can produce the following quantities (Q) associated with the number of workers (L) in a given hour. UAWNHOIN 14 26 36 44 50 The market price of the good this firm sells is $2.50. If the firm pays a wage of W = $24 per hour, then how many units of labor should this firm hire to maximize profit? 0 5 O 1 0 3 0 4 O 217. If the Labor Demand Curve is given by the equation W = 16 0.51., then the maximum willingness to pay for the 8th worker is W 16