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{"ops":[{"insert":"2. Assume that country S and T hire 2,000 unit of labour. Each country use 50% from the labour for production of agriculture goods (A) and manufacturing goods (M). Total production as shown in the following table:\nCountry\/Goods(million unit)\nGood A\nGood M\nCountry S\n100\n400\nCountry T\n200\n500\nBased on the above information:\na) Determine and explain the goods that will be produced by each country using the:\ni. absolute advantage\nii. comparative advantage\nb) Assume that both countries agree to trade after specialization in production by using a comparative advantage. Ratio of exchange is 1A: 40M. After trade country S will use 100 unit of good A. Using this information show in the table the effect after trade for the consumption of good A and M in country S and T.\nc) i. Determine the range of exchange in terms of good M for per unit good A.\nii. Determine and explain ratio of exchange good A and M the only profitable for country T.\n"}]}
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