23 Jul HOW MANY YUAN WILL BE GAINED FOR CHINA BY THE TREATY SIGNING?
The Treaty of Tientsin was signed on September 3 1871; it established free trade between China and Show more The Treaty of Tientsin was signed on September 3 1871; it established free trade between China and Japan. As a result of this treaty suppose all tariffs between China and Japan were abolished. Assume that prior to the signing of the treaty no formal trade whatsoever existed between these countries but after September 3 1871 rice and soybeans were freely traded. If it takes the Japanese 14 hours to harvest a ton of rice and ten hours to harvest a ton of soybeans but the Chinese spend 18 and 12 hours respectively for harvesting the same products calculate who has the comparative advantage. Further assume each country has 216 hours available to harvest crops and before free trade began the harvest time was divided equally domestically. Also assume each hour of harvest time costs 7 yuan in China but 1 yen in Japan; calculate the average yuan/yen exchange rate. Both Japan and China demand 20 tons of rice and 8 tons of soybeans and the average yuan/yen exchange rate prevails. Use the yuan/yen exhange rate not the yen/yuan exchange rate to calculate your answers. 1) Who has absolute advantage? 2) Who has comparative advantage? 3) Draw the Gains From Trade diagram 4) What will the average yuan yen exchange rate be? 5) How many yuan will be gained for China by the treaty signing? 6) How many yen will be gained for Japan by the treaty signing? Show less
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