Kate can wax 2 cars per day or wash 6 cars. Jack can wax 2 cars per day or wash 4 cars.    Who has a comparative advantage in washing cars? What is the opportunity of washing cars?

Q: If a country is producing 6 coconuts and 4 fish, and they want to increase coconut production to 8.…

A: Given the production of coconut = 6 Fish production = 4

Q: Per Winter Hat   US $10.00   Russia 5,000 Rubles  Per Bushel of Wheat   US $1.00  Russia 2,500…

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Q: Pat and Kris arc roommates. They spend most of their time studying (of course), but they leave some…

A: Opportunity Cost is referred to as the benefit that is forgone which could have been derived by an…

Q: If a nation has the lowest opportunity cost of producing a good, that nation has a(m in the…

A: Absolute advantage refers to an individual's, company's, region's, or country's ability to create a…

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A: ANS Let us assume two individuals A and B manufacturing two goods X & Y each. Let us also assume…

Q: Which nation has comparative advantage in producing good X? Why? Explain why these nations can…

A: Comparative advantage refers to the advantage of producing a good at a lower opportunity cost than…

Q: Question 25 Please refer to Maxine's & Daisy's PPFs Who has a comparative advantage in pies? Group…

A:

Q: Explain how each of the following situations would affect a nation’s production possibilities curve…

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Q: Comparative advantage is an important concept to explain how economies work. Because of comparative…

A: ▪︎A comparative advantage happens whenever a nation can create merchandise at lower opportunity cost…

Q: Is the following statement true or false? Please explain. "Everyone has a comparative advantage."

A: The flow of goods and services across borders is known as the international trade. The economist…

Q: opportunity costs t each tood tem for both Carolyn and Jen Carolyn, the opportunity cost of a…

A: DISCLAIMER “Since you have asked multipart questions, we will solve the first three sub-part…

Q: Show, using a curved PPF, what would happen if there was a terrible natural disaster that destroyed…

A: PPF curve is a curve that shows the various level of combination of two goods that an economy can…

Q: Who has the comparative advantage in the production of good x ?

A: A nation engages in the international trade of goods on the basis of comparative advantage. A nation…

Q: According to the theory of comparative advantage, countries gain from trade because ___a. trade…

A: In the international market, a theory of comparative advantage has its significance to define the…

Q: heckshecker ohlin theory suggests that land abundant nations will export land intensive good

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Q: Jimmy and Robert are stranded on a deserted island.  Robert can catch 10 fish in a day or pick 15…

A: Comparative advantage refers to the production of a good with the least opportunity relative to…

Q: In my household on a given day, I can clean 2 room or do 4 load off laundry. However, my mom can…

A: Production possibility frontier shows the combination of two goods that a country can produce…

Q: Given Ted can wax 4 cars per day or wash 2 cars per day and Tom can wax 3 cars per day or wash 1 car…

A: We are given the output of the services by Ted and Tom as follows:

Q: When one producer has a comparative advantage in production, he or she a) can produce more output…

A: Opportunity cost refers to the loss of giving up best alternative while making a choice. There is…

Q: (a) In the Bahamas, what is the opportunity cost of a ton of pineapples, and of a ton of rice? (b)…

A: Opportunity cost is the best next best cost , or next best alternative called opportunity cost, so…

Q: What are 5 techniques to employ comparative advantage?

A: Production means the goods and services are produced by converting raw materials into finished…

Q: If Bishan wants to capitalize on comparative advantage in his life, then he should: -compare his…

A: Theory of comparative advantage is based on opportunity cost in choosing between different options…

Q: This table gives how long it takes two roommates to perform two household tasks: Dust the furniture…

A: When goods and services are produced at low opportunity cost compared to others, it is known as…

Q: Consider two countries, Zerka and Xena. In Zerka total annual output is worth $500 million and…

A: Opportunity cost refers to losing the benefit of consuming a good that is forgone to receive the…

Q: John and Jack run a car washing business. In one week John can wash 36 cars or he can wax 20 cars.…

A: Wash  Wax John 36 20 Jack 24 12 In a week , John can wash and wax more number of cars as…

Q: Growing Oranges Growing Bananas Jesse 400 200 Кayle 300 200 Who has the absolute advantage and why?…

A: Absolute advantage refers to the ability to produce more goods using same resources or same quantity…

Q: he table shows the amount of cherries or apples that Chile and Argentina can produce using one day…

A: Comparative advantage arises when the country produces good at lower opportunity cost than other…

Q: Is it possible to have a comparative advantage in the production of a good but not to have an…

A: In democratic government typically, it has been seen that there is both public and private sector…

Q: Table 19.3 Candles Soap Bryce 150 450 Tina 200 450 Bryce and Tina are artisans who produce homemade…

A: Opportunity cost is cost of choosing one alternative options at the cost of another alternative…

Q: Sam can brew 5 gallons of root beer in an hour or he can make 4 pizzas in an hour. Ben can brew 7…

A: Comparative advantage: A country has a comparative advantage in the production of a good if it can…

Q: Who has comparative advantage in water? Both Neither O Jill O Jack

A: Comparative advantage in trade refers to the ability of an individual, a firm, or a country to…

Q: Do you have an absolute or comparative advantage in doing something over someone else? Explain in a…

A: Absolute advantage refers to the situation where one party can produce the same amount of goods and…

Q: Imagine that it takes an average Australian miner 10 hours to mine a metric ton of coal and 20 hours…

A: A country, that can produce a good or service at less opportunity cost than the other country, is…

Q: Compare and contrast absolute advantage and comparative advantage

A: Absolute advantage is the ability of a party (person, company or country) can produce large quantity…

Q: Show, using a curved PPF, what would happen if there was a terrible natural disaster that destroyed…

A: Destruction of natural resources would reduce the amount of the means of production. So the economy…

Q: Suppose, a labor in USA can produce 50 Computers and 50 Cars in a year. Whereas in Japan a labor can…

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Q: If Larry can produce more donuts in a day than Sue can produce in one day, then Select one: a.Larry…

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Q: In one hour, Sue can produce 70 caps or 21 jackets and Tessa can produce 50 caps or 25 jackets. Who…

A: Opportunity cost is the benefit lost while making a different decision. You must compare the…

Q: Which of the following BEST describes comparative advantage?

A: Opportunity-cost plays the main role in comparative-advantage. In economics, opportunity-cost is…

Q: You are a domestic wiz. You can clean three rooms in an hour and can iron 15 garments in another…

A: Comparative cost advantage: - it is a principle of international trade given by David Ricardo which…

Q: Is it possible to not have a comparative advantage at anything? Why or why not?

A: We define opportunity cost as the value of the next best alternative forgone. Comparative advantage…