On one set axes sketch a community indifference curve, Ask an Expert

Economics

On one set axes, sketch a community indifference curve tangent to the fairly flat section of a concave production frontier. on a second set of axes, sketch another (different) community indifference curve tangent to the fairly steep portion of another (different) concave production frontier.

a) Draw in the line showing the equilibrium-relative commodity price in isolation in each nation.
b) Which is the commodity of comparative advantage for each nation?
c) Under what (unusual) condition would there be no such thing as comparative advantage or disadvantage between the two nations?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9891082

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