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3 years ago

What is Absolute and comparative advantage

1 answer:

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Absolute Advantage is the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
Comparative Advantage is the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
The producer that requires a smaller quantity inputs to produce a good is said to have an absolute advantage in producing that good. Comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another

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A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the lab

aksik [14]

Answer:

A. Labor productivity before=16 cart per workers-hour

Labor productivity After=26 cart per workers-hour

B. Multifactor productivity Before=0.94 carts per hour

Multifactor productivity before=0.94 carts per hour

Explanation:

A. Computation of labor productivity under each system

Labor productivity Before=100 carts per hour/6 workers

Labor productivity Before=16 cart per workers-hour

Labor productivity After=(100 carts per hour+4 carts per hour)/4 workers

Labor productivity After=(104carts per hour /4 workers

Labor productivity After=26 cart per workers-hour

B. Computation of the multifactor productivity under each system.

Multifactor productivity Before=100 carts per hour/(6 workers*$11 per hour)+$40 per hour

Multifactor productivity Before=100 carts per hour/($66 per hour+$40 per hour)

Multifactor productivity Before=100 carts per hour/$106 per hour

Multifactor productivity Before=0.94 carts per hour

Multifactor productivity before=(100carts per hour + 4carts per hour)/(4 workers * $11 per hour$)+($40 per hour+12 per hour)

Multifactor productivity before=(104carts per hour /(4 workers * $11 per hour$)+($40 per hour+12 per hour)

Multifactor productivity before=(104carts per hour /($66 per hour+$52 per hour)

Multifactor productivity before=(104carts per hour /118per hour

Multifactor productivity before=0.94 carts per hour

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3 years ago

A decrease in the money supply will shift the aggregate __________ curve to the __________.

ANTONII [103]

Answer: c. demand, left.

Explanation:

When money supply decreases in the economy there will be less cash available for people to spend on consumption as well as investment which are both components of the Aggregate demand curve.

The curve will therefore shift to the left to reflect that Aggregate demand has decreased as a result of the decrease in money supply.

3 0

3 years ago

If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1

Anni [7]

Answer:

We would choose this new production technique.

Explanation:

In this question, we have to analyze and compare all production technique costs and choose which one is lower to maximize profit thus confirming or denying the affirmation. After calculating all the costs associated with this new technique, we find that this technique would be adopted because it would lower the total production costs to $28 and thus would increase the total economic profit.

8 0

3 years ago

Of the four consumer protection groups listed below, identify which groups are government agencies and which are non-

Klio2033 [76]

Answer:

c. Il and IV are governmental; I and III are not.

Explanation:

A government agency is usually a permanent organization established by either a state or national government in a federal system. They are established by legislative or executive powers for oversight and administration of specific functions. Examples of government agencies are Food and Drugs Administration (FDA), Consumer Product Safety Commission, Intelligence, Finance and Communications agency.

Non-governmental agency usually referred to as NGOs is a non-profit and voluntarily inclined groups which is independent of governmental influence and policies. They're usually set-up for humanitarian purposes.

Examples of non-governmental agencies are Better Business Bureau, Consumers Union etc.

5 0

3 years ago

The merchants in Dallas, Texas, suffered flood damage in May 2003. Stores were closed for remodeling nearly two months. What is

Solnce55 [7]

When merchants in Dallas had to close their stores for remodelling, this type of variation is known as the irregular components.

<h3>What is an irregular variation?</h3>

An irregular variation in sales occurs when sellers change the quantity of things they sell as a result of an unexpected event.

In this case, sellers stopped selling because they had an irregular event when a flood damaged their stores.

Find out more on effects of unexpected events at brainly.com/question/26951330.

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2 years ago