Problem 1: Suppose that in the United States 39 man-hours are required to produce each unit of wheat (W) and 13 man- hours are required for a unit of beef (B). In Argentina, 33 man-hours are required for each unit of wheat and 11 man-hours are required for a unit of beef. a) Does either country have an absolute advantage in the production of wheat or beef? (2 points) b) What is the opportunity cost of beef in each country? (4 points) c) Which country has a comparative advantage in each good? Why? Which country can benefit from trade? (4 points) d) Assume that due to some improvements in the technology of producing wheat in the United States, this country can now produce each unit of wheat using 26 man-hours. Also, consider the price of each unit of wheat as $5,000 and the price of each unit of beef as $2,000. Analyze comparative advantage and the opportunities of trade and specialization given this scenario. (5 points) e) Based on the Ricardian model of trade, what would be the supply of wheat relative to beef if the United States has 52,000 man-hours of labor and Argentina has 44,000 man-hours of labor available for production? (5 points)