a. Draw a graph of Kims PPF and Liams PPF and show the point at which each

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a. Draw a graph of Kim’s PPF and Liam’s PPF and show the point at which each produces when they spend 30 minutes of each hour producing pies and 30 minutes producing cakes.

b. On your graph, show what Kim produces and what Liam produces when they specialize.

c. When they specialize and trade, what are the total gains from trade?

d. If Kim and Liam share the total gains equally, what trade takes place between them?

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Macroeconomics

ISBN: 125367

12th Global Edition

Authors: Michael Parkin

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Question Posted: Nov 05, 2024 04:00 AM

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a. Draw a graph of Kims PPF and Liams PPF and show the point at which each

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Macroeconomics

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