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Ricardian Model

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Here is the question (please show me the process how you get the answer):

a. In England each unit of wine requires eight hours of labor in its production and each unit of cloth requires four hours. The autarkic price of wine in terms of cloth in England is:
i. Two units of cloth.
ii. Two units of wine.
iii. One unit of cloth.
iv. Four units of wine.
v. None of the above.

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Solution Summary

The expert examines Ricardian Model Terms. The autarkic price of wine in terms of cloth in England is determined.

$2.19