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ECON 475v7 Assignment 1I Answer all five questions in one file. Each question is worth 20 marks. Keep your answers concise. Use figures to illustrate your point wherever possible. Show all your work and attach your graphs when submitting your assignment for grading and feedback. Home Country has 1,500 units of labour available. It can produce two goods: apples and bananas. The unit labour requirement in apple production is 5, while in banana production, it is 3. Graph Home Country’s production possibility curve (PPC). Show all the steps involved in deriving this PPC. What is the opportunity cost of apples in terms of bananas? In the absence of trade, what would the price of apples in terms of bananas be? Why? Define and explain the difference between absolute advantage and comparative advantage. What is the significance of each in international trade processes? Suppose that, from an initial consumer equilibrium position, the price of good X rises while the price of good Y remains the same. Using indifference curve analysis, explain how and why the consumer’s relative consumption of the two goods will change. Suppose that the price of labour falls. Explain how producers would respond, using the isocost/isoquant framework. What would happen to the capital/labour ratio? What do you regard as the main weaknesses of the Ricardian/Classical model as an explanation of trade patterns? Why do you regard them as weaknesses? ECON475v7 Assignment 1I May 22, 2018