Which nation should specialize in which product

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Reference no: EM1370969

Q. Plot production possibilities data for each of two countries separately. Referring to your graphs, answer following:

(a) Illustrate what is each country's cost ratio of producing plums and apples.

(b) Which nation should specialize in which product?

(d) Suppose optimum product mixes before specialization and trade were alternative B in New Zealand and S in Spain. Illustrate what would be gains from specialization and trade?

Reference no: EM1370969

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