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I was given the attached excel with the sample data and have to find the answers list on the word doc. This is in regards to International Finance and Balance of Payments/Production
Given the labor productivity data and labor endowments of Nor and Sor, answer the following questions.1. What is the maximum amount of cloth that each country can produce?2. What is the maximum amount of food that each country can produce?3. Which country has an absolute advantage in the production of cloth?4. Which country has an absolute advantage in the production of food?5. Which country has a comparative advantage in the production of food?6. What is the cost of a unit of food in Nor? Think about how much labor does it take to produce one unitof food, and how much cloth that amount of labor could have produced?7. What is the cost of a unit of cloth in Sor? Think about how much labor does it take to produce one unitof cloth, and how much food that amount of labor could have produced?8. Would Nor be willing to export cloth in exchange for food, if it could get 5 units of food for each unit ofcloth?9. Would Sor be willing to export food in exchange for cloth, if it could get 1 units of cloth for 5 units offood?
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