Ricardian model
Not what you're looking for?
See attached file for full problem description.
Purchase this Solution
Solution Preview
Yes, you need to think in terms of cloth and widgets instead of prices, since you aren't given any real prices. For i, it is 2 not 1/2. They want "cloth in terms of widgets." This means, how many widgets does it take for a unit of cloth, if we make cloth instead? Because it only ...
Purchase this Solution
Free BrainMass Quizzes
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.