1. (Endowment Economies) When will countries trade?
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1. (Endowment Economies) When will countries trade? Assuming 2 goods, food and clothing, and two countries with homothetic preferences, determine whether these two countries will trade in each of the following situations: (a) Countries have identical preferences and identical endowments. (b) Countries have identical preferences, their endowments differ, and their endow- ments are not in the same ratio of food to clothing. (c) Countries have identical preferences, their endowments differ, but the ratio of food to clothing is the same in both countries. (d) Countries have identical endowments but different preferences. (e) Countries have both different preferences and different endowments

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