Note: same information for questions 4-11, except where othe…
Note: same information for questions 4-11, except where otherwise noted. The world is composed of two countries, Country A and Country B. They use labor to produce two goods, TV Series and Movies. All of the assumptions of the Ricardian Model hold. The following table shows the unit labor inputs used to make each good in each country, where one unit is one hour of labor. (Thus, for example, to make a TV series in Country A it takes 30 hours of labor, and so on.) Country A has 12,000 units of labor and country B has 24,000 units of labor. The two countries are engaged in free and costless trade. Unit Labor Inputs Good Country A Country B TV Series 30 5 Movies 6 2 Note: the following figure is used in questions 7-9. The figure shows the Relative Supply curve of the two countries in international trade. Notation: PTV (PM) is the price of TV series (movies). QATV is the quantity of TV series made in Country A, and analogously for all other quantities. Enter the number X, or enter 0 if not enough information is provided. Only exact answer is accepted. Use a decimal point if needed.