A firm producing hockey sticks has a production function given by Q=2√KL. In the short run, the firm's amount of capital equipment fixed at K = 100. The rental rate for K is v= $1, and the wage rate for L is w = $4. If the firm's short run marginal cost is = q/50, (A) what are the STC, SAC, and SMC for the firm if it produces 25 hockey sticks? 1. STC: 2. SAC: 3. SMC: (B) what are the STC, SAC, and SMC for the firm if it produces 200 hockey sticks? 1. STC: 2. SAC: 3 SMC

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.