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c. What might be a set of favorable terms of trade for the two countries? d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.

c. What might be a set of favorable terms of trade for the two countries? d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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C & D please

WORKING WITH NUMBERS AND GRAPHS 1. Using the data in the accompanying table, answer the following questions: Points on Production Possibilities Frontier Canada Italy a. For which good does Canada have a comparative advantage? b. For which good does Italy have a comparative advantage? Good X Good Y Good X Good Y A 150 90 100 25 50 60 30 60 C 50 120 180 c. What might be a set of favorable terms of trade for the D 75 two countries? d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.
Transcribed Image Text:WORKING WITH NUMBERS AND GRAPHS 1. Using the data in the accompanying table, answer the following questions: Points on Production Possibilities Frontier Canada Italy a. For which good does Canada have a comparative advantage? b. For which good does Italy have a comparative advantage? Good X Good Y Good X Good Y A 150 90 100 25 50 60 30 60 C 50 120 180 c. What might be a set of favorable terms of trade for the D 75 two countries? d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization-no-trade case.
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