-Refer to above figure.If trade were to open up between P and R,where would the world terms of trade locate in the figure above (somewhere on the PC/PF axis)? Would relative wages (w/r)in the two countries become equal? Is this consistent with the Heckscher-Ohlin model? Explain.
Definitions:
P(A ∩ B)
Represents the probability of both event A and event B occurring simultaneously.
Likelihood
The probability of a set of data or observed outcomes given a particular model or hypothesis.
Tossed
A term often used to describe the throwing of an object, such as a coin or a dice, in the context of chance or randomness.
Relative Frequency
The ratio of the number of times a particular value occurs to the total number of observations.
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