Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Table 1: Hours of Labor Required to Produce a Bottle of Wine and a Yard of ClothFinlandVietnam120.5Wine1.5aLW - 3 hoursa LW= 12 hoursIf countries specialize according to comparative advantage, then the world output ofcloth will increase by:ClothaLC = 6 hoursa LC = 6 hours

The principle of comparative advantage suggests that each country should specialize in the…

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If countries specialize according to comparative advantage, then the world output of cloth will increase by:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Table 1: Hours of Labor Required to Produce a Bottle of Wine and a Yard of Cloth
Finland
Vietnam
1
2
0.5
Wine
1.5
aLW - 3 hours
a LW= 12 hours
If countries specialize according to comparative advantage, then the world output of
cloth will increase by:
Cloth
aLC = 6 hours
a LC = 6 hours

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