Country current efficient production labeling

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Graph below the production possibility frontier for X and Y. Assuming the country is in autarky and produces much more X than Y, select a point as the country’s current efficient production labeling these X_A and Y_A. Show how this relates to P_X and P_Y. Assume that the country’s current price ratio P_X/P_Y > P_X^W/P_Y^W where P_X^W is the world price of X (PY^W for Y). Show what occurs in the long run when the country opens to free trade, including production (X_P, Y_P). Pick a consumption point (X_C, Y_C) and show amounts exported and imported.

Reference no: EM131392275

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