Assume that Zambia has 600 units of labour and South Africa has 1,00.pdf
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Apr. 1, 2023•0 likes•2 views
Assume that Zambia has 600 units of labour and South Africa has 1,00.pdf
Apr. 1, 2023•0 likes•2 views
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Assume that Zambia has 600 units of labour and South Africa has 1,000 units of labour. Both countries produce cloth and wheat. In Zambia, the labour requirement for a metre of cloth is 3 units, while a kilogram of wheat requires 2 units of labour. In South Africa, the labour requirement for a metre of cloth is 5 units, while a kilogram of wheat requires 3 units. In both countries, there are constant costs of production. a. Based on Adam Smiths absolute advantage concept, what would be the pattern of trade assuming no trade restrictions? Show your work. ii. What would be the quantities of cloth and wheat produced by each country in free trade? Show your work.
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Assume that Zambia has 600 units of labour and South Africa has 1,00.pdf
- 1. Assume that Zambia has 600 units of labour and South Africa has 1,000 units of labour. Both countries produce cloth and wheat. In Zambia, the labour requirement for a metre of cloth is 3 units, while a kilogram of wheat requires 2 units of labour. In South Africa, the labour requirement for a metre of cloth is 5 units, while a kilogram of wheat requires 3 units. In both countries, there are constant costs of production. a. Based on Adam Smiths absolute advantage concept, what would be the pattern of trade assuming no trade restrictions? Show your work. ii. What would be the quantities of cloth and wheat produced by each country in free trade? Show your work