a. Draw a graph of Kims PPF and Liams PPF. b. On your graph, show the point
Question:
b. On your graph, show the point at which each produces when they spend 30 minutes of each hour producing pies and 30 minutes producing cakes.
c. On your graph, show what Kim produces and what Liam produces when they specialize.
d. When they specialize and trade, what are the total gains from trade?
e. If Kim and Liam share the total gains equally, what trade takes place between them?
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a Kims PPF is illustrated in Figure 214 Liams PPF is illustrated in Figure 215 b Point A in both ...View the full answer
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