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Hello! I desperately need this assignment question answered
Hello! I desperately need this assignment question answered within the next hour.
The following table shows kilograms of wheat and metres of cloth that canada and the united kingdom can produce with ONE hour of labour time.
Canada= 4 kilograms of wheat, 3 metres of cloth
United kingdom = 1 kilogram of wheat, 2 metres of cloth
Suppose that Canada exchanges 4W for 4C with the United Kingdom,
1) Howmuch does Canada gain in terms of cloth? How much does UK gain in terms of cloth?
2)Give a range of exchange rates of cloth for 4W in order to have mutually beneficial trade.
3) Howmuch would each nation gain if they exchanged 4W for 6C instead?
Thank you so much!!!
This question was answered on: Feb 21, 2020
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