Business, 29.02.2020 01:48 Btricia17

Suppose that Italy and Switzerland consider trading wine and oil with each other. Italy can gain from specialization and trade as long as it receives more than1/5 barrel of oil for each bottle of wine it exports to Switzerland. Similarly, Switzerland can gain from trade as long as it receives more than1/5 bottle of wine for each barrel of oil it exports to Italy. Which of the following prices of trade (that is, the price of wine in terms of oil) would allow both Switzerland and Italy to gain from trade?
a. 4 barrels of oil per bottle of wine
b. 1 barrel of oil per bottle of wine
c. 7 barrels of oil per bottle of wine
d. 2 barrels of oil per bottle of wine

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Suppose that Italy and Switzerland consider trading wine and oil with each other. Italy can gain fro...

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