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Comparative advantage , specialization and gains from trade.

Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.

Use these numbers to prepare a table. Illustrate which person has a comparative advantage in fishing? Which person has a comparative advantage in gathering coconuts?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M919676

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