Suppose that in england 5 man-hours are required to produce, Ask an Expert

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Suppose that in England 5 man-hours are required to produce each cask of wine and 5 man-hours are required to produce each bolt of cloth, whereas in Portugal 1 man-hour is required for a cask of wine and 4 man hours for a bolt of cloth. Each country has a labor force of 100 man-hours. a. Which country has a comparative advantage in what and why? b. Draw the production possibility frontiers of England and Portugal if migration is illegal. Indicate the maximum gains from trade for each country. c. Draw the production possibility frontier of the world if migration is legal and if it is illegal

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92008876

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