Answer:
Portugal and Austria
Comparative Advantage in the Production of Beer and Cheese:
1a. Portugal
b. Austria
2. a. 3 barrels and
b. 0.09 or 1/11 pounds
3. A. 4 barrels of beer per pound of cheese
Explanation:
a) Data and Calculations:
Portugal's opportunity cost of producing a pound of cheese = 3 barrels of beer
Austria's opportunity cost of producing a pound of cheese = 11 barrels of beer
Price of trade (cheese in terms of beer) = 11/3 = 3.667 = 4
b) Portugal's comparative advantage over the production of cheese is her economy's ability to produce cheese at a lower opportunity cost than Austria. This comparative advantage gives Portugal the ability to sell cheese at a lower price than Austria and realize a more favorable balance of trade.
Answer:
total revenue test: elastic. If demand is elastic, a decrease in price will increase total revenue, and an increase in price will reduce total revenue. total revenue: inelastic.
Explanation:
Answer:
D
Explanation:
Wealth is the value of all the assets a person owns
Beth is pondering on the value of all her assets less her debt. So, she is pondering on her wealth
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