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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Is absolute advantage or comparative advantage more important for trade? Explain your reasoning using the example in your answer to question 3.

To determine

The comparative advantage over absolute advantage for trade and the reasoning for the same.

Explanation

In the example in Problem 3, Crusoe and Friday can do more work collectively if Friday gathers the coconut and Crusoe catches the fish for both, because Friday has a comparative advantage ...

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