1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lana [24]
3 years ago
13

Look at Exercise 19.2. Compute the opportunity costs of producing sweaters and wine in both France and Tunisia. Who has the lowe

st opportunity cost of producing sweaters and who has the lowest opportunity cost of producing wine? Explain what it means to have a lower opportunity cost.
Business
1 answer:
monitta3 years ago
7 0

Answer:

Answer Illustration : Opportunity Cost of producing Wine is lesser in France, Opportunity Cost of producing Sweaters is lesser in Tunisia. So, France has comparative advantage in Wine, Tunisia in Sweater.

Explanation:

Opportunity Cost is the cost of next best alternative foregone while choosing an alternative.

Opportunity Cost of producing Sweaters & Wine in France & Tunisia are quantities of other goods (Sweaters or Tunias) sacrifised while choosing either. Sweater Opportunity Cost - Wines sacrifised, Wine Opportunity Cost - Sweaters sacrifised.

The country has a comparative advantage in a good if it can produce it with relatively less opportunity cost (in terms of other good sacrifised) than other country.

Ex : Production Possibilities

                   Wine            Sweater    Trade off (Wine :Sweater)

France          10                   5              1:0.5  or 2:1

Tunisia          8                   24              1:3  or 0.33:1

  • France produces Wine with lesser opportunity cost (sweater sacrifised) than Tunisia  [0.5 sweater < 3 sweaters] ; it has comparative advantage in Wine.
  • Tunisia produces Sweater with less opportunity cost (wine sacrifised) than France [ 0.33 wine <  2 wines] ; it has comparative advantage in Tunisia
You might be interested in
The first step in the prescribing process according to the world health organization is:
JulsSmile [24]
<span>The first step in the prescribing process according to the world health organization is diagnosing the patients problem.
This must be the first step because without diagnosing the problem how can someone be treated. WHO (world health organization)  is an agency of United States but it is working internationally.</span>
4 0
3 years ago
The following items are taken from the financial statements of Cullumber Company for 2022:
Doss [256]

Answer:

                                          Cullumber Company

                                          Balance Sheet

                                          As at 2022

Explanation:                      Amount in $

Current Assets

Accounts Receivable           12,500

Cash                                      13,000

Prepaid Insurance                  6,600

Supplies                                  4,600

Total Current Assets            36,700

Non-Current Assets

Equipment (225,000-36,900)  188,100

Total Assets                            <u>  </u><u>224,800</u>

Liabilities & Shareholders' Equity

Current Liabilities

Accounts Payable                10,600

Notes Payable                      65,000

Salaries Payable                      3,900

Total Current Liabilities           79,500

Equity

Common Stocks                      97,000

Retained Earnings (25,900+133,000-21,400-13,600-2,600-16,800-33,500-6,700)                                          64,300  

Dividends                                   (16,000)

 Total Equity                              145,300

Total Liabilities & shareholders' equity    <u>224,800</u>  

4 0
3 years ago
George owns a pizzeria in Queens, and he buys his cheese and dough and sauce from SYSCO. This firm provides its customers with t
alexandr1967 [171]

Answer:

Trade credit

Explanation:

Trade credit occurs between traders where a trader allows another to purchase goods without paying for them immediately.

It is the cheapest form of short term financing.

This is a form of business to business agreement where payment is set at a later date of 30 days, 90 days or 60 days.

The transaction is recorded by using invoice.

Usually it is a zero percent short term finance. The amount of the good at time of purchase is what is paid at the sure date.

There is no extra payment made by the buyer as interest on the amount agreed.

5 0
3 years ago
Mary upset with her business law instructor after she failed a test,
Helen [10]
That sucks hopefully she feels better
7 0
3 years ago
Which type of scientific statement is defined as a hypothess D
Lilit [14]
A hypothesis is a educated guess made about the predicted outcome of the experiment. They are made before starting the scientific experiment.
4 0
3 years ago
Read 2 more answers
Other questions:
  • The management of prime manufacturing is implementing a plan to minimize production mistakes by allowing teams that work in each
    8·2 answers
  • In 2018, X Company sold 6,800 units of its only product for $36.10 each. Unit costs were as follows: Variable manufacturing $14.
    10·1 answer
  • What is the purpose of the color coded tape located at the front entrance of
    11·1 answer
  • Jose wanted to make a graph to show his budget for the month. what type of graph would be the most appropriate to graph for jose
    7·2 answers
  • A __________________ exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run ave
    7·1 answer
  • Finding a need for a product or service on which to base a start-up business is the
    15·1 answer
  • A firm has the production function y = min{x1, x2} + min{x3, x4}. This firm faces competitive factor markets where the prices fo
    14·1 answer
  • Suppose the economy is experiencing an output gap of –3%. a. Select each response that indicates how monetary policy or fiscal p
    8·1 answer
  • Acct. Optimistic Likely Activity Variance
    13·1 answer
  • An organization's internal stakeholders consist of Multiple Choice a.the board of directors, customers, and local government.b.t
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!