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Assume that the comparative-cost ratios of two productsEcon Books and Finance Booksare as follows in the nations of Econ Land and Finance Land: Econ Land:
Assume that the comparative-cost ratios of two productsEcon Books and Finance Booksare as follows in the nations of Econ Land and Finance Land:
Econ Land: 1 Finance Book 3 Econ Books
Finance Land: 1 Finance Book 5 Econ Books
In what product should each nation specialize? Explain why for credit. What would be an acceptable terms of trade between Econ Land and Finance Land
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