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Please solve these questions asap. Subject: International Economics Q#l: In what way was Ricardo's law of comparative advantage superior to Smith's theory of absolute advantage?

Please solve these questions asap. Subject: International Economics

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Q#l: In what way was Ricardo's law of comparative advantage superior to Smith's theory of absolute advantage? How do gains from trade arise with comparative advantage? How can a nation that is less eicient than another nation in the production of all commodities export anything to the second nation? Support your answer with numerical example. Avoid using example from text book. (5) Q#2: Why is there incomplete specialization in production (even in a smaller nation) with increasing opportunity costs? How are the results under increasing costs different from the xed-costs case? (4) Note: Kindly explain in your own words. Don't use examples from book. Avoid copying text from book or any other source. Also don't copy each other's assignment. For copied material no marks will be given

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