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If Kansas can formed either 400 tons of wheat or 100 tons of corn and Nebraska can formed 300 tons of corn or 200 tons of wheat then it makes sense for the two states to specialize and trade.  Which of the following accurately states the amount of grain that will be produced (Suppose corn and wheat can be formed in constant ratios) and the terms of trade?

 

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9621252

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