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Category > Economics Posted 22 Jun 2017 My Price 6.00

Suppose Italy and Portugal produce only cloth and wine.

Suppose Italy and Portugal produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in Italy and Portugal are exactly alike. The table below shows how much each country can produce of each good with one hour of labor: Output per Hour of Labor Cloth Wine
Italy 25 13
Portugal 5 7 Suppose that Italy and Portugal do not trade with each other. Each has 2000 hours of labor with which to produce cloth and wine, and the countries are currently producing amounts of each good shown in the table below:
Consumption with 2000 Hours of Labor Cloth Wine
Italy 45,000 2,600
Portugal 2,600 10,360 Assume now that each country specializes in producing that good in which it has a comparative advantage. Further, assume for simplicity that one unit of cloth can be traded for one unit of wine. If Italy trades 2,600 units of cloth for 2,600 units of wine with Portugal, then, with trade, Italy will be able to consume the same amount of wine and response using an integer), and Portugal will be able to consume the same amount of cloth and additional units of wine. additional units of cloth (enter a numeric

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SuperTutor
(15)
Status NEW Posted 22 Jun 2017 07:06 AM My Price 6.00

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