What are the opportunity costs of coffee for h and, Ask an Expert

Economics

Suppose a Ricardian Model of two-country, H and F, and two-product, coffee and wheat, and one factor, labor, world with the following PPFs. Assume that the total amounts of labor available for H and F both are 100 units.

H country W=50 C=100
F country W=100 C=50

Assuming no barriers in trade, construct a relative supply curve for coffee for this world.
If the relative demand for C is given that: . Answer the followings:
a. What are the opportunity costs of coffee for H and F?
b. Construct the world relative supply curve of coffee.
c. Graph the relative demand curve along with the relative supply curve.
d. What is the equilibrium relative price of coffee?
e. What is the relative wage for H?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9681420

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