What distinguishes comparative advantage from absolute advantage in production?

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A: Economics is the study of how economic agents achives their respective objectives with given scarce ...

Q: Compute the slope of the demand curve. The potential answers are: A: -12.89 B: -10.5 C: -11.33 D: -1...

A: volume   price $   Total cost 10   1434   22841 30   991   26408 35   917   23781 45   1020 ...

Q: xplain the difference between positive and normative economics with example.

A: Positive economics is defined as a stream of economist which focuses on quantification, identificati...

Q: The share of U.S. workers who belong to a labor union has been for 50 years. Select the correct answ...

A: A labor union is an association of laborers that haggles with bosses over wages and working circumst...

Q: Exercise 5bis: Collusion with asymmetric costs and Bertrand competition Two firms compete in a marke...

A: Given ,  Number of consumers = 1  Maximum willingness to pay = 10  Marginal Cost of firm 1 = c1  Mar...

Q: 4 goods. Goodds A and B are intermediate goods Goods Cand D are final goods The quantities produced ...

A: Intermediate goods are referred to as those goods that are used by businesses in producing goods or ...

Q: ISO 14001 can be applied to any organization in any sector. For instance, a public administration or...

A: 1 True ISO 14001:2015 can be used in any organization, and it would be regardless of any size, type ...

Q: In the graph, if the government sets a price floor of 90 75 50 25 10 D 200 500 800 O shortage of 600...

A: Price floor refers to the legal minimum price that can be charged for a good. 

Q: Which of the following statements is false? A firm’s costs are usually higher in the long run than...

A: Each firm has two types of cost, fixed cost and variable cost. In the long run there is only variabl...

Q: The manager of a large apartment complex knows from experience that 100 units will be occupied if th...

A: Let's use t to represent the number of nine-dollar increments in which the rent will be raised, R to...

Q: If the production function is q = min{L, K/3} and the price of L is $3 per unit (w=3), and the price...

A: Given  Production function q=minL,K/3              ... (1) Price of labor (w) = $3 Price of capital ...

Q: 12. Suppose an economy represented by the graph below started with K = 25, so it was in a steady sta...

A: Suppose an economy represented by the graph below started with K = 25 ,so it was in a steady state ,...

Q: what are the advantages and disadvantages of Rice Tariffication Law to the rice farmers.

A: Trade is defined as the exchange of commodities and services across the boundary of the country.  In...

Q: 1. Use the information below to answer question 1: %AM = 5 %AV = 1 %AY = 3 i= 4 %AP' = 6 NX = -100 C...

A: ​1) According to the Quantity Theory of Money (QTM): M*V=P*Y where: M=Money Supply V=Velocity of cir...

Q: Offshoring of Goods and Services – End of Chapter Question Consider the model of a firm that produce...

A: Step 1: Total costs (TC) in components and R&D consists of payments to capital and labour (High ...

Q: 3. Effects of rent control Part 2 Rent controls force landlords to price apartments below the equili...

A: When there is rent control in an economy that forces landlords to price apartments below the equilib...

Q: This question: 1 point(s) possible The table shows the demand and supply schedules for boxes of choc...

A: Equilibrium refers to the situation where the quantity demanded by the consumers is equal to the qua...

Q: Lawmakers must decide on government budget fast: will they prioritize increasing budget for the Depa...

A: In the above question, it is given that : Lawmakers must decide on government budget fast : They wil...

Q: How many states have in Russia?

A: Russia is a country that comes under the continent of North Asia and Eastern Europe and is the world...

Q: D2 Quantily (pizzas per month) Quartity (pizzas per month) Flgure A Figure B Quantily (pizzas per mo...

A: Demand curve shows a negative relationship between price and quantity demanded whereas supply curve ...

Q: Consider the following model for the production of refined oil: MPC = 100 + 0.7Q MEC = 0.3Q %3D MPB ...

A: In free competitive market, externality is not taken into account and for socially efficient quantit...

Q: Suppose you are the manager of a watchmaking firm operating in a perfectly competitive market. Your ...

A: In perfectly competitive market, price is constant so price is equal to marginal revenue. Firms will...

Q: Which of the following is NOT an example of technology strategy?   Select one: a. Low technology ...

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: A couple decided that for every child that will be born to them they will place a deposit in the ban...

A: At the 18th birthday the child will receive the amount of P300,000.  This implies, F=300,000 rate of...

Q: Suppose the monopolist faces the market demand function given by Q=144/p2 The AVC of the firm is gi...

A: Given: The market demand function is: Q=144/p2 The AVC is AVC = Q ½ The fixed cost is = $5 To Find: ...

Q: What are the pressures that encourage MNEs to establish in newly industrialising countries? b. What ...

A: MNEs: A worldwide undertaking, condensed as MNE and now and then likewise called global partnership ...

Q: I got this question wrong and I was wondering if you could help explain how to get the answer correc...

A: Depreciation is not included as it is from human made capital which is not a part of green GDP.  Gre...

Q: Explain the different intervention measures that are taken by the government to control inflation? C...

A: Inflation is defined as a rise in the price of all products and services generated in the economy as...

Q: 2 Suppose jon and I pay the game twice Xesume mixed stratojos (ran domi zing ng the thwee action) do...

A: Rock paper scissor game is associated with payoff such that : => Simultaneous game . => If bot...

Q: Unions tend to the introduction of labor-saving technology. Select the correct answer below: promote...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: What is the expected profit if Jesaki Inc. produces and sells 6,180 widgets? Round to the nearest do...

A: Given  Total cost function: C(x)=210+12x                ... (1) Total revenue function: R(x)= 60x-1....

Q: Knowlton Power is putting together its R&D budget for the coming year. The firm has compiled a list ...

A: Research and development has spill-over benefits as not only the does company benefit from R&D b...

Q: a. The relative productivity of the land included through the westward expansion affected cotton com...

A: Slavery has been one of the most widespread and long-lasting labor institutions. Mostancient civiliz...

Q: Suppose the following situation Assume the following is the market for a normal good (lets say high ...

A: NORMAL GOOD " ARE THOSE GOODS WHOSE DEMAND INCREASES AS PEOPLES INCOMES AND PURCHASING POWER RISES. ...

Q: a. The price of a Chevrolet rises. Circle the correct answer and use a graph to illustrate if the ev...

A: The law of demand explains negative relationship between price and quantity demanded of the good. As...

Q: “All problems in economics are about scarcity, that is, about how to use given resources for satisfy...

A: "All economic problems are about scarcity, that is, how to use limited resources to achieve competin...

Q: A mother who does not work receives $18,000 in welfare benefits from the government. Suppose that sh...

A: The poverty trap refers to the situation when it is not possible for the poor population to come out...

Q: Draw a set of reaction curves that result in an unstable equilibrium.

A: Cournot duopoly is characterized by the presence of two firms and these firms competes on the basis ...

Q: Which of the following statement is true? A. Marginal Utility is the additional satisfaction gained ...

A: As per the law of diminishing marginal utility, the value a customer is ready and able to pay for th...

Q: The following diagram represents an economy in which government spending increases. PPF PPF2 C2 (0,0...

A: Equilibrium wage is determined by the labour market forces labour demand and labour supply  . And in...

Q: Explain how an export subsidy is theoretically meant to work. Think of the application to “infant in...

A: In International trade, an export occurs when a good produce in one country is sold into another cou...

Q: Does the effect of Monetary Policy can be seen much quicker than the effect of Fiscal Policy? Is the...

A: The two most widely used instruments for influencing a country's economic activity are monetary poli...

Q: How do changes in the interest and unemployment rates impact the supply curve?

A: Interest rate: - it is the percentage charge on the principal amount from a lender to a borrower. Un...

Q: Describe what will happen and why to the firm’s costs and profits as the firm makes its choices. Emp...

A: In a perfect competition market a firm has only one major decision to make which is the amount of ou...

Q: Often the marginal cost (MC) is initially decreasing as Q rises because... the marginal productivity...

A: Marginal product refers to change in total output due to an addition of one more unit of input.

Q: 1-Consider two firms facing the demand curve P = 20 – 5Q. The firms' cost functions are MC1=MC2=10. ...

A: Cournot market occurs when output produced by firms is unknown and price is determined by combined o...

Q: The equilibrium price is $a loaf. The equilibrium quantity is loaves a day.

A: Equilibrium is the point where quantity demanded is equal to quantity supplied. QUANTITY DEMANDED = ...

Q: Which of the following correctly describes imperfect information? Select the correct answer below: a...

A: Imperfect information is a part of asymmetric information and it leads to market failure.

Q: Is the following statement true, false, or uncertain? If true, explain why. If false, provide an exa...

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: Economics - Game Theory & Business Strategy  Inverse Market Demand for tires is P = 200 - .01Q  We...

A: The extensive form of the game is, 1.Manufacturer sets Price X by solving: maxQ(100-0.01Q)Q-10Q 2. R...