Explain the welfare equivalence of three types of trade, Game Theory

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Explain the welfare equivalence of three types of trade

Problem

Draw an Edgeworth Box and explain the welfare equivalence of three types of trade: (i) Korea exports-labor intensive goods to US and imports capital-intensive goods. (ii) Korea exports Korean workers to US and imports goods. (iii) Korea imports capital and exports goods.

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Game Theory: Explain the welfare equivalence of three types of trade

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