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Wheat (bushels/labour hour) Cloth (Yard/labour hour) USA 8 4 UK 4 2 i) Express the cost of producing wheat and cloth in the USA

Wheat (bushels/labour hour) Cloth (Yard/labour hour) USA 8 4 UK 4 2 i) Express the cost of producing wheat

Wheat (bushels/labour hour) Cloth (Yard/labour hour) USA 8 4 UK 4 2 i) Express the cost of producing wheat and cloth in the USA and UK in terms of labour content. ii) Find Pc/Pw for both USA and UK in the absence of trade. iii) Express the limits for mutually advantageous trade in terms of Pc/Pw. What does the result indicate?

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