Table 3-9 Summary of the Gains from Trade                   …

Table 3-9 Summary of the Gains from Trade                                                                           Alice                                            BettyPitchers of LemonadePizzasPitchers of LemonadesPizzasWithout Trade    Production and Consumption200100180180     With Trade    Production40000300TradeGives 193Gets 110Gets 193Gives 110Consumptionabcd     Gains from Tradeefgh​​​​Refer to Table 3-9. The values in the table represent the amounts of lemonade and pizzas that Alice and Betty can produce in one week without and with specialization and trade. What are Alice and Betty’s gains from specialization and trade?

Figure 2-2Refer to Figure 2-2. Devin works as an attorney fo…

Figure 2-2Refer to Figure 2-2. Devin works as an attorney for a corporation and is paid a salary in exchange for the legal services he performs. If Devin’s income is represented by a flow of dollars from Box D to Box B of this circular-flow diagram, then the revenue earned by a firm selling its product is represented by a flow of dollars