Business, 15.02.2020 02:27 china236

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 com. As a result of these new arrangements, Cliff is able to consume a.3 bushels of wheat and 3 bushels of corn, and this point lies outside of Cliff's production possibilities frontier. b.4 bushels of wheat and 3 bushels of com, and this point lies on Cliff's production possibilities frontier. c.3 bushels of wheat and 2 bushels of com, and this point lies on Cliff's production possibilities frontier. d.4 bushels of wheat and 3 bushels of com, and this point lies outside of Cliff's production possibilities frontier.

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Assume Cliff and Paul were both producing wheat and corn, and each person was dividing his time equa...

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