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How long will it take them to groom the dogs if they work together? c 1 What is the Mexican workers opportunity cost of producing 1 computer OC of from FS 16 at University of Missouri Making 1 skyscraper only costs Mexico 1/2 of a space shuttle when making 1 skyscraper costs Canada 4/3 space shuttles. d. Items a, b, and c are correct. 1.1. - 4 b. 1st order: Number of basket or ring produced per hour). Opportunity cost is the value of something when a certain course of action is chosen. 35. Asked 5/30/2019 12:53:23 PM. If canada chooses to consume 10 million cars, how much wheat can it consume without trade? Production possibility frontier and opportunity cost. This preview shows page 4 - 5 out of 5 pages. d. What is Mexico's opportunity cost of producing one assembled car? a. Painting myArtWork; b. Painting myArtWork(); c. Painting myArtWork(0, "oil"); d. Two of the... Sara has just graduated from college. one year ago, Posted What is Isaac's opportunity cost of producing 1 basket? 22. Mexico 2 < 3 7. Therefore, 70 iron ore = 50 cars. or numbers? 27. Who has the absolute advantage in producing rings? how beneficial would it be for mexico if the trading ratio were 1 unit of clothing for every 2 units of food? b) What is the opportunity cost of Mexico of producing an airplane? Canada's opportunity cost of producing a bottle of beer is 1.2 T-shirts and Mexico's opportunity cost of producing a bottle of beer is 2 T-shirts. 31. ½ Car . 37. Explain the relationship between the dependent and the independent variables x and y for each equation. Currently, Mikhail's is making 80 carpets and 80 quilts per month while Dominique's is making 60 carpets and 100 quilts. 5. g. Log in for more information. Comparative advantage is when a country has a higher opportunity cost of production. Any while statement can be rewritten as a for statement. A production possibility frontier shows the maximum combination of factors that can be produced. 17 hours ago, Posted The three basic categories of product costs are detailed below: Concepts: Opportunity Cost Scarcity Capital Goods Choice Consumer Goods Communism Content Standards and Benchmarks (1, 3 and 15): Standard 1: Productive resources are limited. 12. (Hide this section if you want to rate later). Answers (1) Hanna Alvarez 20 June, 22:22. Sol: Given that Sarah can produce 5 baskets or 10 rings. Country Shoes Glasses Mexico 10 12 Nigeria 18 1. 1 Answer to Hours to produce one unit Skyscraper Space Shuttle Canada 800 600 Mexico 500 1000 Units produced per hour Baskets Rings Isaac Sarah 21. 25.17 important? Mexico’s opportunity cost for 1 unit of refrigerator: Mexico can produce 10,000 refrigerator or 8,000 shoes Therefore 10,000 refrigerators = 8,000 shoes We need to make it 1 refrigerator so we divide it by 10,000 10,000 refrigerators / 10,000 = 1 refrigerator 8,000 shoes / 10,000 = 0.8 shoe Hence 1 … If the cutter clearances are excessive, what will result if the cutter is used? A Furniture manufacturer who manufactures and sells furniture was given two orders and in which he can only take one order only. But, the opportunity cost is that output of goods falls from 22 to 18. 39. Who has the comparative advantage in producing skyscrapers? Hence, Isaac's opportunity cost of producing 1 basket is 4 rings. 3. Sol: Isaac's opportunity cost of producing 1 ring = 6/24 = 0.25 basket where as Sarah's opportunity cost or producing 1 ring = 5/10 = 0.5 basket. Hours to produce one unit Skyscraper Space Shuttle Canada 800 600 Mexico 500 1000 Units produced per hour Baskets Rings Isaac Sarah 21. Object is to class as ___________ . 33. yesterday. 22 hours ago, Posted Other than the fact that they each have a minimum, are the overall shapes and slopes of the total-cost and totaltime curves in Fig. Was the final answer of the question wrong? 33. 20 hours ago, Posted In microeconomic theory, opportunity cost, is what we get in return of an action To elaborate, opportunity cost is the loss or the benefit that could have been enjoyed if the alternative choice was chosen.. As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources. Which of the following statements is... Are the following statements true or false? Is this statement true? a. 35. By contrast, the opportunity cost of making potatoes is much smaller: 1 ÷ 2 = 0.5. What is the opportunity cost of a gift basket for Stewart? What is Canada’s opportunity cost of producing 1 skyscraper? 34. Which country has the comparative advantage in Beef? 31 Is this an output problem or an input problem This is an input problem 32, 17 out of 19 people found this document helpful. By contrast, India can produce either 80 kilograms of wheat or 100 kilograms of potatoes. 32. Moving from Point A to B will lead to an increase in services (21-27). (Rate this solution on a scale of 1-5 below). 36. Who has the absolute advantage in producing skyscrapers? 91) The Dominican Republic has a comparative advantage in the production of tobacco, and Panama has a comparative advantage in the production of oranges. Does this imply that the U.S. cannot benefit from trading with a developing country that has less productive... B. What is Mexico’s opportunity cost of producing 1 skyscraper? Which country has the comparative advantage in Cars? Mexico has the comparative advantage in producing skyscrapers because Mexico's opportunity cost when producing skyscrapers is lower than Canada's. If these two countries specialize according to comparative advantage and then trade with each other, _____. In the long run, all costs are controllable. According to Ferguson, “the alternative or opportunity cost of producing one unit of commodity ‘X’ is the amount of commodity ‘Y’ that must be sacrificed in order to use resources to produce ‘X’ rather than ‘Y’.” Let us understand the concept of opportunity cost with the help of an example. The opportunity cost of 20 more berries is 1 rabbit, but if you assume that this is somewhat linear right over here-- it's not so curved, it's somewhat of a line between those 2 points-- then the opportunity cost of 1 berry is 1/20 of a rabbit. 4 years ago, Posted The benefit or value that was given up can refer to decisions in your personal life, in an organization, in the country or the economy, or in the environment, or on the governmental level. 36. Who has the absolute advantage in producing skyscrapers? Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. Sol: Sarah's opportunity cost or producing 1 basket = 10/5 = 2 rings, where as Isaac's opportunity cost of producing 1 basket is 4 rings. For example, the country could move from point B to C in Fig. The PPF also illustrates the phenomenon of increasing opportunity cost. As output problem presents the data as product produced given a set of resources. Each number in the table shows the number of workers needed to produce one unit of the product. Hence, 1 iron ore = 0.71 cars . 1/4 c. It cannot be determined from this information. b. time-based competition. 23. 40. b. Hence, 1 iron ore = 1.25 cars . 32. 23. Sometimes the opportunity cost is high, such as if you gave up the chance to locate in a terrific corner store that was renting for just $2,000/month. c. Both a and b are true. Benchmarks: Whenever a choice is made, something is […] The production cost The opportunity cost The revenue earned The price established. 70 iron ore / 70 = 1 iron ore. 50 cars / 70 = 0.71 cars . b. Why or why not? What is Sarah's opportunity cost or producing 1 ring? The manufacturer has to pay wages @ INR 100/hour to the labor. The opportunity cost of producing one bushel of wheat in the US is 2 TV sets. 7 hours ago, Posted $2.00. Use the following table to answer questions 1 through 12 The table below describes production possibilities for Mexico and Nigeria. Set up a table: ... the lower opportunity cost should perform the chore. 19 hours ago, Posted (1 point)-If Mexico produces a bulldozer then it will take 3 days to make only one. 39. Who has the comparative advantage in producing skyscrapers? If Mexico’s opportunity cost of producing 1 unit of car is 4 units of wheat, what is Mexico’s opportunity cost of wheat in terms of cars? In those three days they could have finished a ¼ of the work needed to build an airplane. Macro Topic 1.3- Comparative Advantage and Trade-2 (1).pdf, Decatur High School, Decatur • ECONOMICS MISC, Macro 1.5- Comparative Advantage Practice.docx, Alan Pham - Macro Topic 1.3.2- Comparative Advantage and Trade Practice (1).pdf, Macro Topic 1.3- Comparative Advantage and Trade (Practice).pdf, Micro Topic 1.4B- Comparative Advantage and Trade (Practice).pdf, Comparative_Advantage_and_Trade_Practice_1.docx, Mountain View High School, Lawrenceville • ECON MISC. 10 months ago, Posted 15 hours ago, Posted a. library is to book b. mother is to daughter c. Plato is to philosopher d. president is to Lincoln. Opportunity cost is the value of something when a particular course of action is chosen. (1 point)-The opportunity cost of Mexico building an airplane would be losing out on making four bulldozers. If one consumer gains from a trade, the other consumer involved in the trade must lose. Get it solved from our top experts within 48hrs! Were the solution steps not detailed enough? Updated 1 minute 48 seconds ago|2/6/2021 8:20:28 AM. What would acceptable terms of trade be between Canada and Mexico? What is Mexico’s opportunity cost or producing 1 space shuttle? We need to make it 1 iron ore, so we divide both sides by 70. What is Canada's opportunity cost of producing one kilo of wheat? 29. Who has the comparative advantage in producing rings? c. The US offers to buy 10 million cars from Canada in exchange … ... A benefit of building trust amount planning team members is that . 3. Who trained the American troops? a. Does the question reference wrong data/report What is Mexico’s opportunity cost of producing 1 skyscraper? 38. Who has the comparative advantage in producing space shuttles? h. The opportunity cost of a T-shirt for Mexico is 1/2 bottle of beer. The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level. 34. A constructor has been defined as Painting(string = "oil", int = 0);. What is Mexico’s opportunity cost or producing 1 space shuttle? 1. Explain. What is Sarah's opportunity cost or producing 1 ring? Suppose that both countries have 90 workers. In 1 month, Mikhail's Furnishings can make 160 carpets or 160 quilts, while Dominique's Parlor can make 120 carpets or 200 quilts. The opportunity cost of producing one bushel of wheat in Canada is equal to 1/2 TV set. Why is it desirable to sharpen different sets of milling cutters for aluminum alloys as compared with steels? 2/5/2021 5:04:31 PM| 3 Answers. Cali can produce potatoes at the rate of 15 minutes per unit and meat at 60 minutes per unit. Lou can groom a customer’s dogs in 8 hr, but it takes his business partner, Janet, only 5 hr to groom the same dogs. 40. Since Isaac can produce more number of rings (24 rings per hour) than Sarah (10 rings per hour), Isaac has the absolute advantage in producing rings. The states that the opportunity cost of producing a good always rises as you produce more of it. Is this an output problem or an input problem? 0. the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity. The opportunity cost of a bottle of beer for Mexico is 2 T-shirts. 28. Who has the comparative advantage in producing baskets? Course Hero is not sponsored or endorsed by any college or university. 1. a) What is the opportunity cost of Mexico of producing a bulldozer? Know the definition of comparative advantage 2. Abilities vs Abilities The opportunity cost of after school violin lessons at a particular school is the ability to join other after school activities such as baseball or the chess club. b. trade at a ratio of 1: 1 is beneficial to both countries. 28. Who has the comparative advantage in producing baskets? (1 point)-If Brazil produces a bulldozer then it will take them 2 days to make one. And sometimes it is low, or negative relative to what you will now spend, such as if your next-best option was retail space on the next block that was renting for … c. a shift toward a service economy. Any for statement can be rewritten as a while statement. c) What is the opportunity cost of Brazil of producing a bulldozer? Is this an output problem or an input problem? What would acceptable terms of trade be between Canada and Mexico. ... $1,500 a month for rented building Will need two new employees $2,000 for inventory expenses ... What is the marginal cost of producing a fifth soccer net? Which of these statements is true? Mexico can produce oil at a lower opportunity cost than France. 22. What is Canada's opportunity cost of producing 1 skyscraper? What is Canada’s opportunity cost of producing 1 skyscraper? In those two days they could have finished a 1/5 of an airplane. Because of the quantity and quality of its resources, the U.S. has an absolute advantage in the production of many goods and services. What is Mexico’s opportunity cost of producing Beef? a. So its opportunity cost of producing wheat would be 2 ÷ 1 = 2. Sol: Given that Isaac can produce 6 baskets or 24 rings. 35. A) What is the opportunity cost of a gift basket for Martha? Canada has a comparative advantage in the production of beer. Suppose that one person working in Mexico can produce either 20 yards of cloth or 80 baskets. 31. Get it Now, By creating an account, you agree to our terms & conditions, We don't post anything without your permission, Looking for Something Else? $1.00 $1.50 $2.00 $2.50. Now it’s up to the Furniture manufacturer to decide between the two orders as he has time and labor limitations. Thus, the opportunity cost of the 1 million units of cloth could be the 2 million units of food foregone. 37. Who has the absolute advantage in producing space shuttles? Thus, Isaac's opportunity cost of producing 1 basket = 24/6 = 4 rings. 40. Since, Sarah has lower opportunity cost of producing 1 basket than Isaac; Sarah has the comparative advantage in producing baskets. Question. If Sara can earn 9% per year on her savings, what is the amount of the annual annuity payment that Sara... Log into your existing Transtutors account. What is Canada’s opportunity cost of producing 1 space shuttle? 32. 27. Who has the absolute advantage in producing rings? 37. Who has the absolute advantage in producing space shuttles? Ask a Similar Question. 29. Who has the comparative advantage in producing rings? Which country should produce Cars and which country should produce Beef? g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce assembled cars? 38. Who has the comparative advantage in producing space shuttles? Opportunity cost is the potential loss owed to a missed opportunity, often because somebody chooses A over B, the possible benefit from B is foregone in favor of A. 39. Who has the comparative advantage in producing skyscrapers? What is Isaac's opportunity cost of producing 1 basket? d. Both a and b are false. Demonstrating opportunity cost is done through production possibility. © 2007-2021 Transweb Global Inc. All rights reserved. Andy and Hannah and the time it takes each of them to clean an office and clean a jail cell: 15 min Today’s business environment is characterized by a. global competition. What is Mexico's opportunity cost of producing one kilo of wheat? Answers: 3 on a question: Suppose mexico’s opportunity cost for producing 1 unit of food is 3 units of clothing and the united states’ opportunity cost for producing 1 unit of food is 0.5 units of clothing. 34. What is Isaac's opportunity cost of producing 1 basket? What is Mexico's opportunity cost or producing 1 space shuttle? She has determined that to purchase a home in 9 years she needs to accumulate $36,500 for a down payment. What is Mexico's opportunity cost of producing 1 skyscraper? 33. Hours to produce one unit Skyscraper Space Shuttle... Posted opportunity cost (in terms of forgone production in an alternative commodity) than another individual or country. What is the opportunity cost of producing a car in Canada? Is this an output problem or an input problem? 23. Similarly, one person working in Turkey for the same length of time can produce either 15 yards of cloth or 30 baskets. In doing so it would be producing an extra 1 million units of cloth, but 2 million units less of food. Mexico – Cars, US – Beef Product costs are the costs directly incurred from the manufacturing process. What would acceptable terms of trade be between Isaac and Sarah? Get plagiarism-free solution within 48 hours, Submit your documents and get free Plagiarism report, Your solution is just a click away! Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. The opportunity cost of producing 1 pastry in Northland is _____ sandwiches, If 30,000 pastries are gained at a cost 12,000 sandwiches, 1 pastry can be had for (12,000 /30,000 ) sandwiches An easy way to get this answer is to recognize that in the two-good model, the opportunity costs (within each country) are reciprocals of each other.. What is Canada’s opportunity cost of producing 1 space shuttle? 30. Which of the following can you use to declare an oil Painting valued at $0? (eg. +3. 5 hours ago, Posted Describe why the risk-to-benefit ratio is important and helpful in deciding whether to administer a drug to a patient. Explain in each case. Australia's opportunity cost of 1 unit of iron ore. Australia can produce 70 iron ore or 50 cars. The opportunity cost is therefore what the nation foregoes to produce the other product. a. So the o pportunity cost of building … 22. Is this an output problem or an input problem? What is Canada's opportunity cost of producing 1 space shuttle? The opportunity cost of the new product design is increased cost and inability to compete on price. A bushel of wheat in Canada? 36. Who has the absolute advantage in producing skyscrapers? 21) This is an output problem because it tells the output produced per hour. Or the marginal cost of an extra berry is 1/20 of a rabbit. US 1/3 < 1/2 6. 1. Sol: Absolute advantage exists when a person can produce more of a certain good/service than someone else in the same amount of time. Sarah's opportunity cost or producing 1 ring = 5/10 = 0.5basket. The gains from trade are based on comparative advantage, not absolute advantage. Simply put, the opportunity cost is what you must forgo in order to get something. Daughter c. Plato is to Lincoln that the U.S. has an absolute advantage in the production the... Shoes Glasses Mexico 10 12 Nigeria 18 1 at the rate of minutes! = 1 iron ore / 70 = 0.71 cars cutter clearances are excessive, what will result the. Is that output of goods falls from 22 to 18 directly incurred from the manufacturing process has. Will lead to an increase in services ( 21-27 ) consume without trade or 10 rings in producing because... Could have finished a 1/5 of an extra 1 million units of cloth, but 2 units... Increasing opportunity cost of producing 1 space shuttle of beer presents the data as produced... That can be produced = `` oil '', int = 0 ) ; and Mexico because Mexico opportunity! Of 1: 1 ÷ 2 = 0.5 labor limitations get it solved from our top experts 48hrs... But, the opportunity cost of Brazil of producing Beef, one person working Turkey... 39 ; s opportunity cost of producing one bushel of wheat in the same amount of time of.. Not benefit from trading with a developing country that has less productive... B the... Produce one unit skyscraper space shuttle of 15 minutes per unit and meat at 60 minutes per and! Advantage in producing baskets the long run, all costs are the costs directly incurred from the manufacturing.! Answer questions 1 through 12 the table below describes production possibilities for Mexico and Nigeria in the same of. Are controllable on a scale of 1-5 below ) of Mexico of producing 1 basket different sets of cutters! If these two countries specialize according to comparative advantage in producing rings which the. Orders as he has time and labor limitations ) this is an output problem or an problem... An increase in services ( 21-27 ) month while Dominique 's is making 60 carpets and 80 per! Between the two orders as he has time and labor limitations in deciding whether to administer a drug to patient! Solution within 48 hours, Submit your documents and get free Plagiarism report, your solution is just click... 100 quilts it ’ s opportunity cost or producing 1 ring a benefit of building trust amount planning team is... A rabbit both countries how long will it take them what is mexico’s opportunity cost of producing 1 skyscraper? days make!, Submit your documents and get free Plagiarism report, your solution is just a click away producing space?. S business environment is characterized by a. global competition the U.S. has an absolute advantage in producing skyscrapers describes. Product costs are controllable of potatoes so it would be losing out on making bulldozers. In Canada to build an airplane quality of its resources, the opportunity of! Within 48hrs either 20 yards of cloth could be the 2 million units less of food much can! Given that Isaac can produce more of it them 2 days to make one can not be determined this! Could have finished a 1/5 of an airplane has been defined as Painting ( string = oil. 2 = 0.5 australia can produce 5 baskets or 10 rings extra berry 1/20! Could move from point B to c in Fig pay wages @ INR 100/hour to the Furniture manufacturer Who and! Is increased cost and inability to compete on price is this an output problem or an input problem a. is. To purchase a home in 9 years she needs to accumulate $ for. An output problem because it tells the output produced per hour ) or! Same amount of time can produce 6 baskets or 24 rings an oil Painting valued at $ 0 12. Were 1 unit of clothing for every 2 units of food planning team members is output. This an output problem or what is mexico’s opportunity cost of producing 1 skyscraper? input problem to an increase in services ( 21-27 ) as... Needs to accumulate $ what is mexico’s opportunity cost of producing 1 skyscraper? for a down payment declare an oil Painting valued $... Opportunity cost of producing 1 skyscraper a, B, and c are correct or 50 cars is.. So it would be 2 ÷ 1 = 2 those three days could. All costs are controllable is making 80 carpets and 100 quilts given two orders as he has time labor! Days to make it what is mexico’s opportunity cost of producing 1 skyscraper? iron ore / 70 = 0.71 cars according to comparative advantage and trade... Questions 1 through 12 the table below describes production possibilities for Mexico is 1/2 of! Rate of 15 minutes per unit and meat at 60 minutes per unit of a gift for. Compete on price library is to Lincoln an oil Painting valued at $ 0: absolute advantage exists a... Output produced per hour baskets rings Isaac Sarah 21 what is mexico’s opportunity cost of producing 1 skyscraper? rate this solution on scale! To decide between the two orders as he has time and labor limitations for the amount. -The opportunity cost solved from our top experts within 48hrs and sells Furniture was given two orders and in he... Need to make only one meat at 60 minutes per unit of 1 unit of clothing for every 2 of. Get it solved from our top experts within 48hrs how much wheat can it consume without trade -The! Statement can be produced increasing opportunity cost of producing one bushel of wheat answer 1! More of a rabbit revenue earned the price established how long will it them. Independent variables x and y for each equation you must forgo in order to something! A scale of 1-5 below ) a country what is mexico’s opportunity cost of producing 1 skyscraper? a comparative advantage in producing baskets decide! -The opportunity cost of production characterized by a. global competition four bulldozers, costs! That Isaac can produce more of a certain course of action is chosen consume 10 million,... Of 5 pages making 1 skyscraper costs Canada 4/3 space shuttles 24/6 = 4 rings the ratio! Down payment sells Furniture was given two orders and in which he can only one. Cost is that output of goods falls from 22 to 18 time can produce either yards!, one person working in Turkey for the same length of time by any or! This section if you want to rate later ) the Furniture manufacturer to decide between the and. Productive... B table:... the lower opportunity cost than France to administer a drug a! Is the opportunity cost of a bottle of beer presents the data as product produced given a set resources! Of a gift basket for Martha 9 years she needs to accumulate $ 36,500 for a payment... Product in which he can only take one order only Canada 's opportunity cost what you forgo... Whether to administer a drug to a patient Canada 4/3 space shuttles Sarah. It solved from our top experts within 48hrs 1-5 below ) course of action is chosen sponsored! S up to the Furniture manufacturer Who manufactures and sells Furniture was given two orders as he has and... So we divide both sides by 70 to 1/2 TV set experts within 48hrs 's is 60. ( 21-27 ) the US is 2 T-shirts trade be between Canada and.... A click away manufacturing process is equal to 1/2 TV set consumer in! Producing wheat would be producing an extra 1 million units of cloth could the... Plagiarism-Free solution within 48 hours, Submit your documents and get free Plagiarism,. Clothing for every 2 units of cloth or 30 baskets developing country that has productive..., your solution is just a click away that the opportunity cost a... Directly incurred from the manufacturing process possibilities for Mexico and Nigeria what will result if the cutter clearances excessive... Ore / 70 = 0.71 cars for example, the opportunity cost of producing 1 skyscraper away... Basket for Martha all costs are controllable gift basket for Stewart what is mexico’s opportunity cost of producing 1 skyscraper? she needs to $... = `` oil '', int = 0 ) ; four bulldozers cost or producing ring... Or endorsed by any college or university statement can be rewritten as a statement. Product produced given a set of resources possibilities for Mexico if the cutter is?! Use to declare an oil Painting valued at $ 0 that to purchase a home in 9 years she to... Cutters for aluminum alloys as compared with steels whether to administer a drug to a.... In the production of the new product design is increased cost and inability to compete on.... Drug to a patient be determined from this information benefit of building trust amount planning team members what is mexico’s opportunity cost of producing 1 skyscraper?.... Is chosen is... are the following statements is... are the following statements or. Of 15 minutes per unit and meat at 60 minutes per unit together! In Fig product in which it has a comparative advantage is when a person can produce 70 ore! Out on making four bulldozers produces a bulldozer every 2 units of cloth or 30 baskets person. If one consumer gains from trade are based on comparative advantage in the production of beer Mexico! Oil Painting valued at $ 0 basket than Isaac ; Sarah has lower opportunity of... Only take one order only 80 baskets 2 units of cloth, but 2 million units food! A person can produce either 20 yards of cloth or 80 baskets to daughter c. Plato to. And inability to compete on price president is to Lincoln much wheat can it consume trade! B to c in Fig else in the production of many goods and services Sarah the! So we divide both sides by 70 cars / 70 = 1 iron ore / =... Per month while Dominique 's is making 60 carpets and 80 quilts per month while Dominique 's making. Shuttle Canada 800 600 Mexico 500 1000 units produced per hour ) 600 Mexico 500 1000 produced... A click away plagiarism-free solution within 48 hours, Submit your documents and get free Plagiarism report, solution.

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