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Question 12 1.95 pts The following information pertains to questions 12 - 14. 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 rate is e = = lesc fl . Let E = England and Pt = Portugal. Country w/hr L/unit Pc L/unit P.Wn (1) England de = 2hrs. f awn = 3 hrs. E3 (2) Portugal 0.7 esc ac =5 hrs. 3.5 esc aw =4 hrs. esc 12. Which of the following statements is correct? The autarkic equilibrium price of Cloth in England is E3. Portugal has a comparative advantage in Wine. None of the other options. The autarkic equilibrium price of Wine in Portugal is 7.5 esc. England has a comparative advantage in Wine.Question 13 1.95 pts 13. Which of the following gives the range in which the exchange rate can 'lie' and still have trade according to comparative advantage? (Numbers are rounded to the nearest second decimal place if needed) 0 0.8