international trade Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production in 3, while in bananas production it is 2. There is now also another country, Foreign, with a labor force of 800. Foreign’s unit labor requirement in apple production is 5, while in bananas production it is 2. a) Show that how both Home and Foreign country gain from trade.

Q: Demand: P=420-60Qd Supply: P=2+20QS a. With free trade and an international price of $60 per barrel,…

A: Demand : P = 420 - 60Q 60Q = (420-P) Q = (420-P)/60   Supply : P = 2 + 20Q 20Q = (P-2)  Q = (P-2)/20…

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Q: international trade Home has 1200 units of labor available. It can produce two goods, apples and…

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Q: Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor…

A: Answer -

Q: Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor…

A: The exchange of commodities and services between countries is known as international trade.…

Q: 4. With free trade, for a world price of $4 per wrench, Spain is importing ________ wrenches. 5. If…

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