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Jim Outlaw could grow corn and wheat. He could grow 90 bushels of corn or 140 bushels of wheat using the same resources on an

Jim Outlaw could grow corn and wheat. He could grow 90 bushels of corn or 140 bushels of wheat using the same resources on an acre of his land. The price of corn is $2.00 per bushel and the price of wheat is $0.80.

In your own words, define Specialization.
Show calculations of the benefits to Jim from specialization.
What should Jim specialize in?

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