Watch the video about Comparative Advantage and Gains From Trade (https://www.youtube.com/watch?v=stX5dt8ufs). The purpose of this chapter is to dmrade allows people to specialize in the production of goods for which they have a comparative advantage and then trade for goods that other people produce. Because of specialization, total output rises. and through trade we are all able to share in the bounty. This is as true for countries as it is for individuals. Because everyone can gain from trade, restrictions on trade tend to reduce welfare. An important concept in the chapter is that of comparative advantage. Please read the following "News Release" as it relates to this concept. Concept Illustration Farmer Converts Corn to Gasoline News Release: lowa Farmer Discovers Highly Efficient Way to Convert Corn into Gasoline Ricardo Economackie, an Estherville, Iowa farmer, shook up the world financial markets Friday by announcing his discovery of a highly efficient four-step process for converting corn into gasoline. Economackie convincingly demonstrated that the new "technology" is much less expensive than an existing process through which corn is decomposed into ethanol gas that is then blended with conventional gasoline. Nearly all economists who have looked carefully at the process back up the innovator's assertion . "There not only is clear evidence that this method works ," said economist Stan Brue, "but also that it is highly cost-effective. The process is deceptively sim ple and can be applied to other product conversions, such as wheat to steel or soybeans to leather." At the news conference, Economackie disclosed the four main elements of the corn-to- gasoline conversion process. 1. Highly efficient Americans grow corn. 2. U.S. firms export some ofthe corn to nations that are highly efficient at producing crude oil. 3. U.S.firms import crude oilfrom abroad. 4. U.S. firms refine the imported crude oil into gasoline. 1) Discuss the concept of comparative advantage. What can we learn about comparative advantage from this example? 2) Discuss the difference between absolute advantage and comparative advantage and give an example from your life. 3) Find an article on mises.org or cato.org discussing a chapter topic, cite the website (copy or cut and paste the url or website into your discussion), and write a paragraph about what you learned from the article that you did not learn from the chapter