30. Assume a Ricardian, constant-cost world. There are two coun-tries, the United States and Canada. Each country can produce cam-eras and milk. The table below shows production per man-hour foreach country.UnitedCanadaStatesCameras6Milk1The United States has a labor force of 1,000 workers, and Canadahas a labor force of 500 workers.a) Graph the world supply curve for cameras.b) Show a possible world demand curve and price (assuming thatboth countries completely specialize).

There are two countries, the UK and France.Each country can produce cameras and milk. To graph the…

30. Assume a Ricardian, constant-cost world. There are two coun- tries, the United States and Canada. Each country can produce cam- eras and milk. The table below shows production per man-hour for each country. United Canada States Cameras Milk The United States has a labor force of 1,000 workers, and Canada has a labor force of 500 workers. 6 2 1 2 a) Graph the world supply curve for cameras. b) Show a possible world demand curve and price (assuming that both countries completely specialize).

30. Assume a Ricardian, constant-cost world. There are two coun- tries, the United States and Canada. Each country can produce cam- eras and milk. The table below shows production per man-hour for each country. United Canada States Cameras Milk The United States has a labor force of 1,000 workers, and Canada has a labor force of 500 workers. 6 2 1 2 a) Graph the world supply curve for cameras. b) Show a possible world demand curve and price (assuming that both countries completely specialize).

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter18: International Trade And Comparative Advantage

Section: Chapter Questions

Problem 2TY

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