Range of post-trade relative prices
What will the pattern of trade be and what is the range of post-trade relative prices (of glass to food) that can prevail? How does this trade affect the real wage (in terms of each good) in each country?
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Find the equilibrium quantity mathematically and find the equilibrium values of MC, MR, AFC, AVC, and ATC. Also find the equilibrium quantity for the market, as well as, the TR and TC for the market.
What and where do you usually buy groceries and other household articles?What do you do for entertainment-is it local, global, or both?
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