Solved: Initially both australia and the us spent half a day, Business Management

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Initially both australia and the us spent half a day

Initially, both Australia and the US spent half a day producing ethanol and half a day producing wheat. However, they now decide to specialise in producing the product that they have a comparative advantage and trade their products in the world market. What are the total gains from trade?

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Business Management: Initially both australia and the us spent half a day

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