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QUESTION

If Farmia opens trade with a country with identical tastes, what will happen in the short run to: a) Farmia"s production of wheat and coffee?

If Farmia opens trade with a country with identical tastes, what will happen in the short run to: a) Farmia"s production of wheat and coffee? What information or theorem did you use as the basis for you answer? B) Price of wheat and coffee in Farmia? How do you know? C) Wages in Farmia? How do you know? D) The price of wheat land in Farmia? How do you know? E) The price of coffee land in Farmia? How do you know? F) The welfare or purchasing power of workers, owners of wheat land, and owners of coffee land in Farmia? How do you know?

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