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June 29, 2015

Homework Help: economics

Posted by sungyeon on Thursday, July 1, 2010 at 8:47pm.

Assume Cliff and Paul were both producing wheat and corn, and each person was dividing his time equally between the two. Then each decides to specialize in the product in which he has a comparative advantage. Furthermore, they agree to trade 3 bushels of wheat for 3 bushels of corn. As a result of these new arrangements, Cliff is able to consume

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