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1) Using an example, calculate the price of labor and the price of capital by displaying diagrammatically two countries A and B. Also by using labor along the horizontal axis and capital along the vertical axis, identify their corresponding production and consumption points and the country having a comparative advantage?
2) With an example, use a production possibility frontier as a straight line, assume that the country has two factors of production, L and K. The payments to the factors are:
w = wages (labor)
r = rent (capital)
Calculate:
i) The total cost of production
ii) The value of the slope
3) "National deficits are inherent features of capitalism which sustain the global system of capital", How does this reflect on impact of immigrants on international trade.
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