Explain conditions under which each of following would true

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Reference no: EM13900480

1. The Hatfield family lives on the east side of the Hatatoochie River, and the McCoy family lives on the west side. Each fam- ily's diet consists of fried chicken and corn-on-the-cob, and each is self-sufficient, raising their own chickens and growing their own corn. Explain the conditions under which each of the following would be true.

a. The two families are made better off when the Hatfields specialize in raising chickens, the McCoys specialize in growing corn, and the two families trade.

b. The two families are made better off when the McCoys specialize in raising chickens, the Hatfields specialize in growing corn, and the two families trade.

Reference no: EM13900480

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