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PC/PW < aLC/aLW What the reasoning/meaning behind the idea on how the economy will specialize in the production...

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Economics

PC/PW LC/aLW

What the reasoning/meaning behind the idea on how theeconomy will specialize in the production of cheese if the relativeprice of cheeses exceeds its opportunity cost?

Answer & Explanation Solved by verified expert
4.0 Ratings (687 Votes)
So here PC is the price of cheese and lets assume PW is another good wine and PW is the price of wine aLC is the hours taken per person to produce one unit of cheese and aLW is    See Answer
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