What happens to wages and production in home

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Reference no: EM132197733

Question: Suppose Home opens up to trade and Home's relative supply of cloth is smaller than for the world as a whole.

a. Show graphically what happens to the relative price of cloth in Home.

b. Show graphically what happens to wages and production in Home.

c. What is Home's export sector and what is the import-competing sector?

Reference no: EM132197733

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