17 Jul What is the range of the relative price of coffee (Pc/Pb) in free trade equilibrium in the world?
Given the information above, please answer the followings (Q1-Q10).
Hours required to produce 1 unit
Country Coffee Bread Labor hours endowed
A 4 2 400
B 8 3 240
1. Which country has an absolute advantage in producing coffee? (Required) (Just answer A or B.)
2. Which country has an absolute advantage in producing bread? (Required) (Just answer A or B.)
3. Which country has a comparative advantage in producing coffee? (Required) (Just answer A or B.)
4. What is an opportunity cost of producing coffee in terms of bread in Country A? (Required)
5. What is the slope of production possibility frontier (PPF) of Country B when coffee is in vertical axis? (Required) (Answer in a fraction, and make a fraction like -1/4)
6. What is the maximum amount of bread Country A can produce? (Required)
7. Write down the equation of the PPF of Country A. (Required)
(Use the notation of C and B for coffee and bread, respectively. Don’t leave any space between signs and words.)
8. What is the relative price of coffee (Pc/Pb) in the autarkic equilibrium (without trade) in Country B? (Required) (Answer in a fraction, and make a fraction like 1/4)
9. What is the range of the relative price of coffee (Pc/Pb) in free trade equilibrium in the world? (Required) (In the range, “=<” means “greater than”, and “<=” means less than. So, make your answer like 3=<Pc/Pb<=5. And don’t leave any space between signs and words.)
10. What is the relative amount of coffee (Qc/Qb) in the free trade equilibrium in the world? (Required) your answer in a fraction, and make a fraction like 1/4.)
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