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kati45 [8]
3 years ago
8

Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can

produce 36 units of food per year or 18 units of clothing. Which of the following is true?
1.Georgeland has an absolute but not a comparative advantage in producing clothing.
2.Georgeland has both an absolute and a comparative advantage in producing clothing.
3.Alland has an absolute but not a comparative advantage in producing food.
4.Alland has both an absolute and a comparative advantage in producing food.
Business
1 answer:
lisov135 [29]3 years ago
5 0

Answer:

1.Georgeland has an absolute but not a comparative advantage in producing clothing.

Explanation:

Georgeland has an absolute advantange, because with the factors of production that it has available (the question does not specify the amount), it can produce either more food, or more clothing than Alland.

But Georgeland does not have comparative advantage in producing clothing, because the cost of opportunity of doing so is higher than Alland's, as can be seen in this comparison:

If Alland produces 16 units of clothing, it gives up on 32 units of food.

If Georgeland produces 18 units of clothing, it gives up on 36 units of food.

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Answer:

$12.5(at least) would be needed to induce Lisa for driving Uber instead of working on web designing.

Explanation:

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3 years ago
A grocery store has three open checkout lanes. On average, 45 shoppers arrive at these lanes per hour. The coefficient of variat
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Answer:

A.  

0.833

Explanation:

m = 3

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Therefore, The utilization factor of the system is 0.833

6 0
3 years ago
Mary makes 10 pies and 20 cakes a day and her opportunity cost of producing a cake is 2 pies. Tim makes 20 pies and 10 cakes a d
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Answer:

If Mary and Tim specialize in the good in which they have a comparative​ advantage, ______.

Mary would specialize in making cakes while Tim would specialize in making pies.

Explanation:

a) Data and Calculations:

Mary's opportunity cost of making a cake = 2 pies

She can make additional 5 (10/2) cakes instead of making pies

This will increase her cakes to 25 a day (20 + 5)

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She can make additional 40 pies (10 * 4) instead of making cakes

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When they specialize there will be 25 cakes and 60 pies produced in a day instead of 30 cakes and 30 pies.

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<h3>What are consumer preferences?</h3>

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A cash flow's time t, nominal quantity N, currency CCY, and account A are what make it up; symbolically, CF = CF (t,N,CCY,A).

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