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Ricardian or classical model

Assignment Help Macroeconomics
Reference no: EM1312717 , Length: 600 Words

1. What do you regard as the main weaknesses of the Ricardian/Classical model as an explanation of trade patterns? Why do you regard them as weaknesses?

2. Suppose that the price of labour rises. Explain how producers would respond, using the isocost/isoquant framework. What would happen to the capital/labour ratio?

Reference no: EM1312717

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