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a) Explain how internal economies of scales and monopolistic competition can be used to explain for intra-industry trade, and North-North trade? b)Refer to the table

a) Explain how internal economies of scales and monopolistic competition can be used to explain for intra-industry trade, and North-North trade?

b)Refer to the table below and based on the gravity equation, compare the expected level of trade between Bangladesh and Sri Lanka, and between Bangladesh and India.

GDP in 2019 ($ billions) Distance from Bangladesh (miles)

Sri Lanka 74 1,271

India 2,875 713

Bangladesh 303 -

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