A monopolist operates under two plants, 1 and 2. The marginal costs of the two plants are given by MC1 = 20 + 2Qı and MC2 = 10 + 5Q2 where Qi and Q2 represent units of output produced by plant 1 and 2 respectively. If the price of this product is given by 20 – 3(Qı + Q2), how much should the firm plan to produce in each plant, and at what price should it plan to sell the product?

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Comparative Advantage and Absolute Advantage Analysis

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