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There are two goods: factory-stuff and services.
There are two countries: Us and Them.
"Us" are worse at producing everything, as described by the productivity table below:
Worker-hours needed to produce one unit of each good
Factory-Stuff
Services
Us
10
Them
1
5
a) What is the marginal opportunity cost of services in each country?
b) Who has the comparative advantage in factory-stuff?
c) Assuming that factory-stuff and services are both tradable goods, what terms of trade would be beneficial to both Us and Them, relative to no trade? (You must provide numbers for the terms of trade.)
d) Of the terms of trade range described in (c), what terms of trade would we ("Us") most prefer?
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
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