Question

Suppose both john and bill can do two tasks in a day. if john can do each of the two tasks faster than bill, then:__________

Answer 1

Suppose both john and bill can do two tasks in a day. if john can do each of the two tasks faster than bill, then John should specialize in performing the task for which he has a comparative advantage.

Comparative advantage refers to the capacity to provide goods and offerings at a lower possibility price, not always at a greater quantity or satisfactory. Comparative gain is a key perception that trade will still occur even though one u . s . has an absolute gain in all products.

In an economic model, retailers have a comparative advantage over others in producing a selected desirable if they can produce that excellent at a lower relative opportunity price or autarky rate, i.e. at a decrease relative marginal price previous to trade.

In economics, a comparative advantage occurs when a country can produce a very good or carrier at a lower opportunity value than another u . s .. The principle of comparative gain is attributed to political economist David Ricardo, who wrote the book standards of Political economic system and Taxation (1817).

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