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Question: us uk wheat bushels laborhour 4 2 cloth yards labor...

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U.S. U.K.
Wheat (bushels/ labor-hour) 4 2
Cloth (yards/ labor- hour) 2 1

a. express the cost of producing wheat and cloth in the U.S. and in the U.K. in terms of labor content

b. find Pc/Pw for both the U.S. and the U.K. in the absence of trade

c. express the limits for mutually advantageous trade in terms of Pc/Pw. What does this result indicate?

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