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Suppose that the following two country-two goods world, with a single input, labor:Daily production per workerCommodity Portugal EnglandWine (barrels) 2 OR 1Cloth (bolts) 4 OR 3
a) Does either country have absolute or comparative advantage in any item? Give support for your answer through computing the "resource costs" or opportunity costs for both products in both countries.b) Following your answer to part a, is there any advantage in trading here? At what "prices" will such trade occur? In other words, what is the maximum amount of cloth relative to wine at which trade will occur? What is the minimum amount?c) Assume that the total cost of labor to produce daily output in each country is £20 in England, and E1600 (escudos) in Portugal. Further, let the exchange rate is £1=E50, what is the price of the goods in each country in pounds?d) What will the exchange rate have to be to discourage Portuguese imports of British goods? Similarly, what will the exchange rate have to be to discourage British imports of Portuguese goods?
If we do engage in foreign trade, should we bound foreign trade to country's that engage in fair trade throgh giving us access to domestic markets and reciprocal import tariff decrease that mirror our tarriff reductions on our imports from them?
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Assume there is a decrease in British (United Kingdom) demand for French products like cheese, wine, perfume etc., with all else remaining unchanged we expect
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