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The table below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the rest of the world per labor hour. The rest of the world has an absolute advantage in the production of
Productivity
In the United Kingdom
In the Rest of the World
Umbrellas per labor hour
0.25
1.00
Bushels of corn per labor hour
0.50
0.67
a. Calculate each firm's reaction function. b. How much output does each firm produce? c. What is the market price?
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