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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

Autarky: Pattern of

Autarky: Pattern of production International Commercial Policy The Ricardian Model If P C /a LC > P W /a LW � P C /P W > a LC /a LW workers will only work in the cheese industry. Hence, the economy will specialize in cheese production if the price of cheese relative to the price of wine exceeds the opportunity cost of producing cheese. Similarly, if P C /a LC < P W /a LW � P C /P W < a LC /a LW workers will only work in the wine industry. Hence, the economy will specialize in wine production if the price of wine relative to the price of cheese exceeds the opportunity cost of producing wine. 22


Autarky: Pattern of production (cont.) International Commercial Policy The Ricardian Model This relationship can be captured in a relative supply curve. Here, the relative supply curve depicts how the domestic supply of cheese relative to wine varies with the price of cheese relative to wine. If P C /P W > a LC /a LW, the economy specializes in cheese production so that the relative supply of cheese is infinitely large. If P C /P W < a LC /a LW, the economy specializes in wine production so that the relative supply of cheese is zero. 23


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