How chile and argentina can both gain from trade

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Reference no: EM13184538

The following table shows the hourly output per worker in two industries in Chile and Argentina:

Hats Beer

Chile 8 6

Argentina 1 2

A) suppose that Chile and Argentina currently do not trade with each other. Each has 1,000 hours of labor to use producing hats and beer. Give a numerical example showing how Chile and Argentina can both gain from trade.

Reference no: EM13184538

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