1 answer

Suppose that India produces jewelry & pharmaceuticals with the following fixed factor requirements:                          

Question:

Suppose that India produces jewelry & pharmaceuticals with the following fixed factor requirements:

                                                            Machine-Hours                 Worker-Hours

                                                            per unit                                  per unit

Jewelry                                             3                                           6

Pharmaceuticals                               10                                        4

India is thinking of signing a free-trade agreement (FTA) with Australia. Prior to joining the FTA, the average price of jewelry is 15 rupees & the average price of pharmaceuticals is 42 rupees. After the FTA is signed, the prices will be 21 rupees (jewelry) & 30 rupees (pharmaceuticals).

Calculate the Indian K/L ratios for jewelry & pharmaceuticals. Looking at the the pre- & post-FTA relative prices, can you tell if India is more or less labor-abundant than Australia? Explain.


Answers

Talver Here given that India Boduces Jewelry and Pharmaceutical with the help of stred factor requirements machine and workerNow, Pre-roining the FTA average Price s Jewelry is 15 rupees and Pharmaceutics is 42 rupees. and post - Joining the ITA aver

.

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