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Trade and Technology: The Ricardian Model - Faculty

Trade and Technology: The Ricardian Model - Faculty

Autarky: Equilibrium

Autarky: Equilibrium prices (cont.) 26
 Relative price of cheese, P C /P W a LC /a LW RD International Commercial Policy The Ricardian Model RS Relative domestic quantity of cheese, Q C Q W

Autarky: Equilibrium prices (cont.) International Commercial Policy The Ricardian Model Hence, the equilibrium relative price of a good equals the opportunity cost of producing that good in the absence of international trade. This is because relative prices must adjust so that wages are equal in the wine and cheese industries so that both wine and cheese are produced. If P C /a LC = P W /a LW � P C /P W = a LC/a LW workers will have no incentive to work solely in the cheese industry or the wine industry. 27


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