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1.Discuss David Ricardo's labor theory of value. 2.Explain the existence of economic rent, marginal rent, and the law of diminishing returns. 3.Analyze the Ricardian doctrine

1.Discuss David Ricardo's labor theory of value.

2.Explain the existence of economic rent, marginal rent, and the law of diminishing returns.

3.Analyze the Ricardian doctrine of comparative advantage in trade.

4.State the law of comparative advantage.

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