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Please help with all! 3 Prices and Wages in the Ricardian Model [30 points] Home and Foreign produce two goods, TVs and cars. Each worker

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Please help with all!

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3 Prices and Wages in the Ricardian Model [30 points] Home and Foreign produce two goods, TVs and cars. Each worker can produce a fixed amount of each good: A worker in Home can make either MPLy TVs or MPLe cars. A worker in Foreign can produce M PLy TVs or M PLg cars, respectively. Use the information given in the table below to answer the following questions: In the No-Trade equilibrium: Home Foreign Wager =7 Wagee =8 | Wagey =10 Wagep, =7 MPLy=? MPLc=2 | MPLL,=5 MPL, =" P'\" _ 2 P(_' :? Rl.: =? '('.! _ . Based on the given numbers, how high must the marginal product of labor for TVs be in Home? Find the no-trade relative price of TVs in Home. . Based on the given numbers, how high must the marginal product of labor for cars be in Foreign? Find the no-trade relative price of TVs in Foreign. . Suppose now that the world relative price of TVs in the trade equilibrium equals pyend jpResd 1 Which good will each country export? Explain briefly why. . In the trade equilibrium, how high is the real wage in Home in terms of cars and in terms of TVs? How do these values compare with the real wage in terms of either good in the no-trade equilibrium? . In the trade equilibrium, how high is the real wage in Foreign in terms of TVs and in terms of cars? How do these values compare with the real wage in terms of either good in the no-trade equilibrium? . In the trade equilibrium, do Foreign's workers earn more or less than Home's workers, measured in terms of their ability to purchase goods? Briefly explain why

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