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MPA 2450-PoterackProblem Set 1 Due 7/20/201. The following graphs depict the markets for coffee and tea in Brazil and China. For thisquestion, I am assuming these industries use only labor, not capital, and have constantMPLs. I have used a thick line to indicate the PPF in each country, and thin lines toindicate possible relative prices under trade. Use these graphs to answer the followingquestions.(a) Assume China has 4 workers and Brazil has 3. Fill out the following chart:ChinaWagec = 12 Waget =48MPLc =72Pc =48MPLt =88Pt =56Brazil36 Waget = 123624MPLt =42Pt =42Relative price is the ratio of the two prices.For China:Pc =48 Pt = 56So, Relative price = 48/56 = 6/7, so the ratio is 6:7For Brazil:Pc =24, Pt =42So, Relative price = 24/42 = 4/7, so the ratio is 4:7Brazil has comparative advantage over China since it produces more coffee at lower costas compared to china.The relative price of coffee when the world opens will be the summation of the two countriesproduction and the average prices. The export will also differ based on the goods and thecountry when trade opens. China will export 24 units of tea and 36 units of coffee. Brazil onthe other end will export 14 units of tea and 36 units of coffee. The countries will gain fromthe increase of the sales volume considering the markets are opened and they can access morecustomers.The import from each country will depend on the countrys ability to sustain its internal ...


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