Joan spends all her time making baskets, she makes four baskets a day, while Mark makes one basket. If, instead, they spend all day making staplers, they each make two. Who has a comparative advantage in baskets?
2 answers:
Answer:
Joan
Explanation:
Comparative Advantage is an economic term which refers to a situation where a country can produce more of a particular Commodity at a lower cost.
An individual or company is said to have comparative advantage in production if they can produce more units at a reduced cost.
Joan is said to have comparative advantage of producing basket because she produces more units(4) of basket that mark(1) at a lower cost (time).
Having a comparative advantage in production of a commodity doesn't mean Joan is more skilled in making baskets.
Answer:
Joan has comparative advantage in baskets.
Explanation:
Comparative advantage refers to the ability of an individual to manufacture a good or service at a low opportunity cost than another individual.
An individual is said to have a comparative advantage at producing something if he/she can produce it at lower cost than anyone else.
Joan has a comparative advantage in baskets because she produces four baskets in a day as compared to Mark that produces only one basket.
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