Business, 30.07.2021 02:10 ShilohTheBoy

For questions (1)-(11) below consider the following specific factors model. Vietnam and Thailand produce beans and trucks. Labor is the mobile factor (i. e. labor is used in the production of both goods). The specific factor for beans is land, and the specific factor for trucks is capital. Under the closed-economy equilibrium the relative price of beans with respect to trucks is lower in Thailand than in Vietnam (i. e. under closed economy Pbeans Thailand/P trucks Thailand < Pbean Vietnam/Ptrucks Vietnam). Questions (1)-(2) are about the closed-economy equilibrium. (1). Thailand has the comparative advantage in trucks.
(2). The rental rate of land in Vietnam equals price of trucks times the marginal product of land for trucks. For questions 34(11) below, assume that Thailand and Vietnam are engaged in free trade.
(3). Under the free trade equilibrium, Vietnam produces only trucks and no beans.

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For questions (1)-(11) below consider the following specific factors model. Vietnam and Thailand pro...

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