Microeconomics

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Introductory Economic Models

PPF - Comparative Advantage and Trade

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Trading helps us reach levels of consumption that were previously unattainable. Team work makes the dream work!

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Comparative Advantage and Trade

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Problem

If Joe and Carla plan to specialize and trade, what should Joe produce? 


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Problem

If Joe and Carla plan to specialize and trade, what should Carla produce? 


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Problem

Assume that Joe and Carla will trade Scrambled Eggs and Fresh Squeezed Orange Juice at a rate of 1.2 Eggs for 1 OJ. If Joe’s consumption after trade includes six eggs, what will be Carla’s consumption after trade?