separately. Referring to your graphs, answer the following:
(a) What is each country’s cost ratio of producing plums and apples.
(b) Which nation should specialize in which product? (c)
Show the trading possibilities lines for each nation if the
actual terms of trade are 1 plum for 2 apples. (d) Suppose the
optimum product mixes before specialization and trade were
alternative B in New Zealand and S in Spain. What would be
gains from specialization and trade?
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