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Suppose indonesia and canada trade in sarongs and

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2.Suppose Indonesia and Canada trade in sarongs and beer. Use the following data for Canada to answer the questions: Sarongs: Sales revenue = PSQS = 80 Payments to labor = WLS = 80 Payments to capital = RKS = 40 Percentage increase in the price = ΔPS/PS = 25% Beer: Sales revenue = PBQB = 80 Payments to labor = WLB = 30 Payments to capital = RKB = 60 Percentage increase in the price = ΔPB/PB = 0% a.Which industry is labor intensive?
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b.Give the percentage change in the rental on capital.
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c.Compare the magnitude of the percentage in the rental on capital in part (b) to that of labor.
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W/W
d.Identify the factor which benefits from trade in real terms. Which factor loses? 3. Suppose Ireland and Canada produce two goods, Y and X. Assume that good Y is labor intensive and good X is capital intensive.
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a. Given the above PPFs, which country is relatively labor abundant? In capital? Explain.
Answer:Canada is capital abundant whereas Ireland is labor abundant because Canada’s PPF is biased toward the capital-intensive good while Ireland’s PPF is biased toward the labor-intensive good. b. Suppose the countries have identical preferences, show the no-trade equilibrium and the free-trade equilibrium. Be sure to label the production and consumption points for both economies. Output of Y, Q Y
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c. Which good will Ireland export? What about Canada? Explain.
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