Suppose that the firm you are working for has given you the following table (K is the level of capital, and L is the level of labor employed by the firm; Q is the output produced by the firm; P is the price of the product the firm is producing; wage is the unit cost of labor): K L Q 10 12 210 MPL APL P 5 - Wage 50

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Comparative Advantage and Absolute Advantage Analysis

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