14 In problems 8 and 12, Jane and Joe each produce and consume 2 kilograms of wheat...
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14 In problems 8 and 12, Jane and Joe each produce and consume 2 kilograms of wheat and 2 metres of cloth, and they do not trade. Now they begin to trade. a What good does Jane sell to Joe, and what good does Jane buy from Joe? b If Jane and Joe divide the total output of wheat and cloth equally, what are Joe's gains from trade, and what are Jane's gains from trade?
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Related Book For 
Economics
ISBN: 9781503632943
5th Edition
Authors: Douglas McTaggart, McTaggart Findlay & Parkin, Christopher Findlay, Michael Parkin
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