芬斯特拉《国际贸易》版课后习题答案第2章

TradeandTechnology:TheRicardianModel1.AtthebeginningofthechapterthereisabriefquotationfromDavidRicardo;hereisalongerversionofwhatRicardowrote:Englandmaybesocircumstanced,thattoproducetheclothmayrequirethelabourof100menforoneyear;andifsheattemptedtomakethewine,itmightrequirethelabourof120menforthesametime....ToproducethewineinPortugal,mightrequireonlythelabourof80menforoneyear,andtoproducetheclothinthesamecountry,mightrequirethelabourof90menforthesametime.Itwouldthereforebeadvantageousforhertoexportwineinexchangeforcloth.Thisexchangemighteventakeplace,notwithstandingthatthecommodityimportedbyPortugalcouldbeproducedtherewithlesslabourthaninEngland.Supposethattheamountoflaborhedescribescanproduce1,000yardsofclothor1,000bottlesofwineineithercountry.Thenanswerthefollowing:a.WhatisEngland’smarginalproductoflaborinclothandinwine,andwhatisPortugal’smarginalproductoflaborinclothandinwine?Whichcountryhasabsoluteadvantageinclothandinwine,andwhy?Answer:InEngland,100menproduce1,000yardsofcloth,soMPLC51,000/100510.120menproduce1,000bottlesofwine,soMPLW51,000/12058.3.InPortugal,90menproduce1,000yardsofcloth,soMPL*C51,000/90511.1.80menproduce1,000bottlesofwine,soMPL*W51,000/80512.5.SoPortugalhasanabsoluteadvantageinbothclothandwine,becauseithashighermarginalproductsoflaborinbothindustriesthandoesEngland.b.UsetheformulaPW/PC5MPLC/MPLWtocomputetheno-traderelativepriceofwineineachcountry.Whichcountryhascomparativeadvantageinwine,andwhy?Answer:ForEngland,PW/PC5MPLC/MPLW510/8.351.2,whichistheno-traderelativepriceofwine(equaltotheopportunitycostofproducingwine).Sotheopportunitycostofwineintermsofclothis1.2,meaningthattoS-72produce1bottleofwineinEngland,thecountrygivesup1.2yardsofcloth.ForPortugal,P*W/P*C=MPL*C/MPL*W511.1/12.550.9,whichistheno-traderelativepriceofwine(equaltotheopportunitycostofproducingwine).Theno-traderelativepriceofwineislowerinPortugal,soPortugalhascomparativeadvantageinwine,andEnglandhascomparativeadvantageincloth.Portugalhascomparativeadvantageinproducingwinebecauseithasloweropportunitycost(P*W/P*C=0.9)thanEnglandintheproductionofwine(PW/PC=1.2).2.SupposethateachworkerintheHomecountrycanproducethreecarsortwoTVs.AssumethatHomehasfourworkers.a.GraphtheproductionpossibilitiesfrontierfortheHomecountry.Answer:Seethefollowingfigure.b.Whatistheno-traderelativepriceofcarsatHome?Answer:Theno-traderelativepriceofcarsatHomeisPC/PTV52/3=MPLTV/MPC.ItistheslopeofthePPFcurveforHome.3.SupposethateachworkerintheForeigncountrycanproducetwocarsorthreeTVs.AssumethatForeignalsohasfourworkers.a.GraphtheproductionpossibilitiesfrontierfortheForeigncountry.Answer:Seefollowingfigure.S-8SolutionsnChapter2TradeandTechnology:TheRicardianModelMPLTV·LTV,QTV(units)QC1Slope(MPLTV/MPLC)2/38QC2/3MPLC·L12Car,QC(units)TV,Q*TV(units)MPL*TV·L*12MPL*C·L*8Slope(MPL*TV/MPL*C)3/2Cars,Q*C(units)SolutionsnChapter2TradeandTechnology:TheRicardianModelS-9TV,QTV(units)TV,QTV(units)8912212928Slope2/3Slope3/2A*ACar,QC(units)Car,Q*C(units)U1U*1PPF*PPFHomeForeignb.Whatistheno-traderelativepriceofcarsinForeign?Answer:Theno-traderelativepriceofcarsinForeignisP*C/P*TV=3/2=MPLTV/MPL*C,ortheslopeofthePPFcurvefortheForeigncountry.c.UsingtheinformationprovidedinProblem2regardingHome,inwhichgooddoesForeignhaveacomparativeadvantageandwhy?Answer:ForeignhasacomparativeadvantageinproducingtelevisionsbecauseithasaloweropportunitycostthanHomeintheproductionoftelevisions.4.Supposethatintheabsenceoftrade,HomeconsumesninecarsandtwoTVsandForeignconsumestwocarsandnineTVs.AddtheindifferencecurveforeachcountrytothefiguresinProblems2and3.Labeltheproductionpossibilitiesfron-tier(PPF),indifferencecurve(U1),andtheno-tradeequilibriumconsumptionandproductionforeachcountry.Answer:Seefollowingfigures.5.NowsupposetheworldrelativepriceofcarsisPC/PTV51.a.Inwhatgoodwilleachcountryspecialize?Brieflyexplainwhy.Answer:Homewouldspecializeincars,exportcars,andimporttelevisions,whereastheForeigncountrywouldspecializeintelevisions,exporttelevisions,andimportcars.ThereasonisbecauseHomehasacomparativeadvantageincarsandForeignhasacomparativeadvantageintelevisions.Therelativepriceofacarinhomeis(PC/PTV=2/3),whichislowerthantheworldpriceof1.SoHomewillexportcarsandearnaprofit.Theworldrelativepriceofatelevisionis1,higherthanthatinForeign(P*TV/P*C=2/3).SoForeignwillspecializeinproducingtelevisions,andexporttelevisionstotheworldmarket.b.GraphthenewworldpricelineforeachcountryinthefiguresinProblem4andaddanewindifferencecurve(U2)foreachcountryinthetradeequilibrium.Answer:Seethefollowingfigures.c.Labeltheexportsandimportsforeachcountry.HowdoestheamountofHomeexportscomparewithForeignimports?Answer:Seegraphinpart(b).TheamountofHomecarexportsisequaltotheamountofForeigncarimports.Inaddition,HomeimportsoftelevisionsequalForeignexportsoftelevisions.Thisisbalancedtrade,whichisanessentialfeatureoftheRicardianmodel.d.Doeseachcountrygainfromtrade?Brieflyexplainwhyorwhynot.Answer:BothHomeandForeignbenefitfromtraderelativetotheirno-tradeconsumptionbecausetheyareabletoconsumeathigherindifferencecurves.S