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Iran Iraq Oil (Barrels) Olive Oil (Bottles) Oil (Barrels) Olive Oil (Bottles) 12 O 8 2 9 6 6 3 6 2 8 0 8
Iran Iraq Oil (Barrels) Olive Oil (Bottles) Oil (Barrels) Olive Oil (Bottles) 12 O 8 2 9 6 6 3 6 2 8 0 8 0 Suppose that without specialization, Iran produces 4 barrels of oil and 6 bottles of olive oil, and Iraq produces 4 barrels of oil and 4 bottles of olive oil (in millions per day). Are the countries better off or worse off with specialization and trade? Suppose that the terms of trade with specialization are 4 barrels of oil for 4.3 bottles of olive oil, and that 4 barrels of oil are indeed traded for 4.3 bottles of olive oil. With specialization and trade, how many additional barrels of oil can Iraq consume? Provide your answer as a number measured in millions rounded to two decimal places. Use "-" to indicate negative amounts. Do not include any symbols, such as "$," "=," "%," or "," in your answer. Your
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