Nоte: Sаme infоrmаtiоn for questions 5-19, except where noted. The world is composed of two countries, Country A аnd Country B. They use labor to produce two goods, Coats and Umbrellas. All of the assumptions of the Ricardian Model hold. The following table shows the unit labor inputs to make each good in each country. One unit of labor is one hour of labor. Country A has 6000 units of labor and country B has 10000 units of labor. The two countries are engaged in free and costless trade and both countries gain with trade, except as noted. Country A Country B Coats 1 3 Umbrellas 4 24 Use the following information to answer questions 14-15 only. Assume that country B has comparative advantage in Coats only and absolute advantage in Umbrellas only. Also suppose that the countries fully specialize in the production of one good, and that the world price of umbrellas is PU=120. (Note: Having separate information is to your advantage, as it decouples the answer here from other answers that you may have gotten wrong. However, don’t use this information to answer any other questions, as the information here is not necessarily correct for other questions!) Enter the wage in Country A, or enter 0 if there is not enough information to answer the question.
Nоte: sаme infоrmаtiоn for questions 4-11, except where otherwise noted. The world is composed of two countries, Country A аnd Country B. They use labor to produce two goods, TV Series and Movies. All of the assumptions of the Ricardian Model hold. The following table shows the unit labor inputs used to make each good in each country, where one unit is one hour of labor. (Thus, for example, to make a TV series in Country A it takes 30 hours of labor, and so on.) Country A has 12,000 units of labor and country B has 24,000 units of labor. The two countries are engaged in free and costless trade. Country A Country B TV Series 30 5 Movies 6 2 Suppose there is free and costless trade between the two countries and that Country B does not gain by trading. Enter a reasonable world relative price of TV series in terms of movies (that is, a reasonable price ratio PTV / PM). Note: if the answer is an exact number, only the exact number is accepted; if the answer is a range, then any number within that range is accepted.
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