Information for questions 13-19 There are two countries, Hom…

Questions

Infоrmаtiоn fоr questions 13-19 There аre two countries, Home аnd Foreign. Labor is the only factor of production. There are two goods, X and Y. The following table shows the output of each good per hour of labor, in the two countries. Output per hour of labor Good Home Foreign Good X 10 8 Good Y 5 2 Calculate the relative price of good X with respect to good Y (that is, PX/PY) in the Home country, if the Home country is autarky. Enter a whole or decimal number, as appropriate. Enter 0 if the answer cannot be obtained with the information given. Only exact answer accepted.

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