1 Using the data in the table, answer the following questions: a. For which good does Canada...
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1 Using the data in the table, answer the following questions:
a. For which good does Canada have a comparative advantage?
b. For which good does Italy have a comparative advantage?
c. What might be a set of favorable terms of trade for the two countries?
d. Prove that both countries would be better off in the specialization-trade case than in the no-specialization–
no-trade case.
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