Problem 1 BICYCLES SKATEBOARDS HOME &nb

Problem 1

	BICYCLES	SKATEBOARDS
HOME	5(hrs)	2(hrs)
FOREIGN	3(hrs)	3(hrs)

HOME has 1000 hours of labour available.

FOREIGN has 1200 hours of labour available.

Draw the production possibility frontier for Home and Foreign.

In the absence of trade, what is the relative price of bicycles in terms of skateboards in each country?

Draw the world production possibility frontier clearly showing the case of specialization in comparative advantage and comparative disadvantage.

Trade is said to make each country better off by enlarging the range of consumption choices available to residents. Compare the consumption possibilities available to Home and Foreign consumers in the closed economy and open/trading economy cases. Graph the expanded consumption opportunities. The relative price of skateboards in terms of bicycles under free trade is 4/5.

Expert Solution

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Rahul Sunny answered 3 years ago

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