Unformatted text preview: advantage, how much of each good will each person produce? What are the gains from specialization? b. Graph the individual PPFs. Label the points chosen under autarky and specialization. c. Graph the social PPF, and label its slopes, end points, and any “kinks.” Label the points chosen under autarky and specialization. Is autarky efficient? Please explain. d. Discuss the shape of the social PPF. Why is it “bowed out”? 1 Definition: Autarky refers to a situation where an individual or country isolates itself from trade, in an attempt to be self-sufficient....
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This homework help was uploaded on 02/01/2008 for the course ECON 2302 taught by Professor Mcfarlin during the Spring '06 term at University of Texas at Dallas, Richardson.
- Spring '06