Explain how this country can gain from free trade in winter

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Q. Explain the income and substitution effects and use the concepts to describe what happens when the price of a product decreases.

Q. A tropical country can produce winter coats, but there is no domestic demand for these coats. Explain how this country can gain from free trade in winter coats.

Reference no: EM1351100

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Explain how this country can gain from free trade in winter : A tropical country can produce winter coats, but there is no domestic demand for these coats. Explain how this country can gain from free trade in winter coats.

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