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QUESTION

Suppose that beef sells for US$15 per kg in the USA and A$20 per kg in Australia. - Where would you buy beef if the exchange rate was A$1.

Suppose that beef sells for US$15 per kg in the USA and A$20 per kg in Australia.

- Where would you buy beef if the exchange rate was A$1.2 per US$1, and where would you resell beef if you wanted to make a profit? (Assume there are no transport costs, trade barriers or taxes.)

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