All categories

3 years ago

How do comparative advantage and absolute advantage differ?

1 answer:

3 0

Absolute advantage is the ability to produce a good using fewer inputs than another producer, while comparative advantage is the ability to produce a good at a lower opportunity cost than another producer (reflecting the relative opportunity cost). One key difference is that one person can have an absolute advantage in both goods, but it is impossible for one person to have a comparative advantage in both goods due to the opportunity cost of a product being the inverse of the opportunity cost of the other.

You might be interested in

Which of the following is the deliberate process through which someone becomes aware of personal skills, interests, knowledge,

ANTONII [103]

Answer:

Career planning

Explanation:

Career planning is self-assessment and preparation undertaken by an individual who has a decent career path. Career planning phase is a continuous process of discovering oneself, establishing career aspirations, evaluating skills and finding the best career opportunities.

5 0

3 years ago

Why is there a difference between interest charged and interest earned? A)Banks are non-profit institutions.B)Banks are profit-m

skelet666 [1.2K]

The correct answer is choice b.

Banks are profit-making institutions. Their purpose is to make a profit for their owners or stockholders. They need to charge more interest on the money that they loan out than what they pay on savings accounts so that there is a profit for them.

5 0

3 years ago

Kendra owns a sporting goods store. She is in court because of a breach of contract lawsuit against her supplier. One of the ter

Olenka [21]

<u>Answer:</u>

<em>Yes, but only to clarify the ambiguous contract terms </em>

<u>Explanation:</u>

Breach of contract is a legitimate reason for activity and a sort of common wrong, wherein a sound understanding of anticipated trade isn't regarded by at least one of the gatherings to the agreement by non-execution or obstruction with the other party's presentation.

A material breach is the most genuine type of break of agreement. In these cases, somebody has failed to maintain their obligations as spread out in the contract. At the point when this happens, the harmed party can seek after harms in a standard suit. In the end, when a contractual worker finishes an undertaking yet isn't paid, this is viewed as a material breach.

6 0

3 years ago

Store A uses the newsvendor model to manage its inventory. Demand for its product is normally distributed with a mean of 500 and

Llana [10]

Answer:

maximum profit = $7500

so correct option is c $7500

Explanation:

given data

mean = 500

standard deviation = 300

cost = $10

price = $25

Inventory salvaged = $5

to find out

What is its maximum profit

solution

we get here maximum profit that is express as

maximum profit = mean × ( price - cost ) ..................................1

put here value in equation 1 we get maximum profit

maximum profit = mean × ( price - cost )

maximum profit = 500 × ( $25 - $10 )

maximum profit = 500 × $15

maximum profit = $7500

so correct option is c $7500

4 0

3 years ago

What are the <img src="https://tex.z-dn.net/?f=%20%5Ctt%20%5Cpink%7BPrinciples%7D%20" id="TexFormula1" title=" \tt \pink{Princip

Fantom [35]

$\boxed{\huge \frak{answer}}$

<h3>There are fourteen principles of management. They are:</h3>

Division of work
Authority and responsibility
Discipline
Unity of Command
Unity of Direction
Subordination of individual interest
Remuneration
Centralization
Scaler Chain
Order
Equidity
Stability
Initiative
Escript de Crops

$\boxed{ \frak{have \: a \: nice \: day}}$

$\boxed{ \frak{be \: brainly}}$

8 0

2 years ago