27. a. Draw a graph of Kims PPF and Liams PPF. b. On your graph, show the...

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27.

a. Draw a graph of Kim’s PPF and Liam’s PPF.

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 does 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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Parkin Macroeconomics

ISBN: B0070OLVAC

10th Edition

Authors: Michael Parkin

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Question Posted: Nov 05, 2024 11:00 AM

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Parkin Macroeconomics

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