Answer:
wheat, wheat
Explanation:
In the field of economics, absolute advantage may be defined as the ability of a producer to produce a particular goods or services at large amount or quantity at the same price or the same quantity at a very low price as compared to other producers. It means producing goods efficiently.
Whereas a comparative advantage of a product is defined as the ability of a producer to produce more goods and and consumes less of it at a lower opportunity cost when compared to its competitors.
Thus in the context, Country A has both an absolute advantage as well as comparative advantage in production of wheat.
Answer:
Date Account Title Debit Credit
May 7 Materials $9,600
Accounts Payable $9,600
<u>Working:</u>
= Units purchased * cost per unit
= 640 * 15
= $9,600
As the goods were purchased on account, they will be sent to accounts payable. Materials are assets so they will be debited when acquired.
Ingredients such as sugar and butter would be examples of variable costs.
Fixed costs are cost that remain constant no matter the amount of output. Fixed costs examples are rent, loan, salaries.
Variable costs are cost which change with a change in output as the business provides more services. Variable cost examples are cost of raw materials, commissions and so on.
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George Washington: Washington has been called the "Father of His Country" for his manifold leadership in the formative days of the new nation.
