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Question 3. Study the given table and answer the following questions. [ILO(s): a2, b2, c1, 20 marks] Output per Labor Hour Country Rice Bicycle India
Question 3. Study the given table and answer the following questions. [ILO(s): a2, b2, c1, 20 marks] Output per Labor Hour Country Rice Bicycle India (1) NN China (C) a. Which country has absolute advantage in producing Bicycle? Why? (4 M) b. What is the relative autarky price of rice in terms of bicycle in India, PR/Pa? (2 M) c. What is the relative autarky price of rice in terms of bicycle in China, Pw/Pe? (2 M) O d. Which country has comparative advantage in producing chilies and cloth? Why? (5M)
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