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Business, 15.07.2019 00:30 migos0917

Assume that you live in a simple economy in which only three goods are produced and traded: cashews, pecans, and almonds. suppose that on january 1, 2015, cashews sold for $12.50 per pound, pecans were $5.00 per pound, and almonds were $5.00 per pound. at the end of the year, you discover that the cashew crop was lower than expected and that cashew prices had increased to $13.00 per pound, but pecan prices stayed at $5.00 and almond prices had actually fallen to $4.75.

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Assume that you live in a simple economy in which only three goods are produced and traded: cashews...
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