I would like to have step by step solution. Answers included. Thank you

Anonymous
timer Asked: Aug 12th, 2014
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Tutor Answer

fitting k
School: UT Austin

Thank you for the opportunity to help you with your question!

An example that combines features above is a country that specializes in the production of high-tech knowledge products, as developed countries do, and trades with developing nations for goods produced in factories where labour is relatively cheap and plentiful, resulting in different in opportunity costs of production. More total output and utility thereby results from specializing in production and trading than if each country produced its own high-tech and low-tech products.

Please let me know if you need any clarification. I'm always happy to answer your questions.

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Anonymous
awesome work thanks

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