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Sonja [21]
3 years ago
7

What famous economist developed the principle of comparative advantage as we know it today?

Business
1 answer:
andreyandreev [35.5K]3 years ago
8 0
Adam Smith was the first who alluded to the concept of comparative advantage. This concept has later been elaborated by David Ricardo.
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Consider a hypothetical closed economy in which households spend $0.70 of each additional dollar they earn and save the remainin
Gekata [30.6K]

Answer:

$0.70 and 3.3

Explanation:

Data provided in the question

Household spending for each additional dollar = $0.70

And, the remaining amount = $0.30

So in the given case,

The marginal propensity to consume (MPC) = household spending for each additional dollar i.e $0.70

And, the Spending multiplier is

= 1 ÷ 1 - MPC

= 1 ÷ 1 - $0.70

= 1 ÷ $0.30

= 3.3

5 0
3 years ago
A new machine can be purchased today for $450,000. The annual revenue from the machine is calculated to be $72,000, and the equi
shutvik [7]

Answer:

7.98%

Explanation:

The Rate of Return (ROR) is the gain or loss of an investment over a period of time compared to the initial cost

Starting year 2, Annual O&M cost in year N = Annual O&M cost in year (N - 1) + $750

Annual net benefit  = Annual revenue - Annual O&M cost

In year 10, Annual revenue ($) = 72,000 + 35,000 salvage value = 107,000

Rate of Return (ROR) of Annual net benefit is computed using Excel11 IRR function as follows.

Year (N) Revenue ($) Cost ($) NAB ($)

0                                     4,50,000 -4,50,000

1               72,000 4,500 67,500

2               72,000 5,250 66,750

3               72,000 6,000 66,000

4               72,000 6,750 65,250

5               72,000 7,500 64,500

6               72,000 8,250 63,750

7               72,000 9,000 63,000

8               72,000 9,750 62,250

9               72,000 10,500 61,500

10              1,07,000 11,250 95,750

ROR of NAB = 7.98%

6 0
2 years ago
4. Does the same thing work for every customer?
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Answer:

No all customers are diffrent one might like the smell of lavender when one customer might hate lavender and like the smell of honey.

Explanation:

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