Which factors of production gain and factors of production

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Reference no: EM13146797

China is labor abundant; Russia is land abundant. Wheat production is land intensive relative to textiles. Draw a graph for each country using the HO model (make sure you carefully label everything on your graph!). Show the autarky equilibria and show potential free trade equilibria on each graph. Find and label the imports and exports for each graph. Which factors of production gain and which factors of production lose when trade arises between these two countries? You’ll need to draw two graphs (one for each country) and explain your findings carefully.

Reference no: EM13146797

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