Lesson: Comparative advantage and trade barriersNote: we use Cost-ratio to solve this problem. The image contains the full question.

Show Your Work Labor $4 Capital $2 Qty TP MP TR MRP Qty TP MP TR MRP 0 0 0 --- 0 --- 0 0 --- 0 1 16 16 32 32 1 14 14 28 28 28 12 56 24 2 26 12 52 24 3 38 10 76 20 3 36 10 72 20 46 8 92 16 4 44 8 88 16 5 52 6 104 12 5 48 4 96 8 6 56 4 112 6 50 2 100 4 7 58 2 116 4 7 51 1 102 2 Using the above table, find all the least-cost combinations and the profit-maximizing combination of labor and capital. Least-cost combinations: Profit-maximizing combination