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Assume that production exhibits increasing opportunity cost

Microsoft Word - HW2-i
Assume that production exhibits increasing opportunity costs. Australia is land abundant and India is labor abundant. Wheat is land intensive relative to textiles.
a) Graphically demonstrate the pre-trade and post-trade equilibrium in Australia. Note: Please put wheat in the x-axis.
It is not enough to draw the diagram for full credit. Explain why you are have different prices in the two countries in autarky.
b) Graphically demonstrate the pre-trade and post-trade equilibrium in India. Find and label its trade triangle.
Note: Please put wheat in the x-axis.
It is not enough to draw the diagram for full credit. Explain why you are have different prices in the two countries in autarky.
c) Which factors gain and which factors lose when trade arises between these two countries? Explain carefully.

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