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On two sets of axes draw identical concave production frontiers with different community indifference curves tangent to them


On two sets of axes, draw identical concave production frontiers with different community indifference curves tangent to them.

(a) Indicate the autarky equilibrium-relative commodity price in each nation.

(b) Show the process of specialization in production and mutually beneficial trade.

Jun 13 2020 View more View Less

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