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Consider an economy with two goods, cloth and food. The production possibility frontier of this economy is given by 30- + Q= = 3600. Preferences
Consider an economy with two goods, cloth and food. The production possibility frontier of this economy is given by 30- + Q= = 3600. Preferences of the consumers are described by the following utility function U(Qc, Q;) =,/ QQF- Suppose this economy can trade with the rest of the world at the relative price of cloth to food equal 3. How much food will this economy import? [Insert your answer up to the nearest integer]
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