Business, 08.02.2021 18:50 kargarzadehsm

Assume that two countries (Home and Foreign) each produce two goods (corn and wheat) under constant cost production. Home produces 1/2 ton of corn or 1 ton of wheat with a day of labor. Foreign produces 1 ton of corn and 1/2 ton of wheat. Suppose that, after trade occurs, the international price actually becomes 1.5 tons of wheat per ton of corn. Required:
a. What is Home's price of corn in autarky?
b. How large is Home's labor force?

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Assume that two countries (Home and Foreign) each produce two goods (corn and wheat) under constant...

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