Even though the United States has an absolute advantage in producing both refrigerators and shoes, it makes economic sense for it to specialize in the good for which it has a comparative advantage. The United States will export refrigerators and in return import shoes.
<h3>Do all countries have an absolute advantage in production?</h3>
In the production of at least one good or service, almost every nation enjoys an absolute competitive advantage. The key to absolute advantage is low-cost production. For instance, because they can benefit from low labor costs, China and other Asian nations are known to have a distinct advantage in the manufacturing sector.
<h3>What determines a nation's choice to specialize in a particular good?</h3>
When resources are scarce, a country's decision to focus on producing a specific good is also heavily influenced by its comparative advantage. Comparative advantage is based on the idea of opportunity cost, whereas absolute advantage refers to the superior production capabilities of one nation over another.
Does Japan have an absolute advantage in the auto industry?
Japan is said to have a clear advantage in the auto industry if it can produce cars just as well as the United States, but more quickly and with higher quality. The kinds of goods a nation decides to produce are greatly influenced by its absolute advantage or disadvantage in a given industry.
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Answer:
$0.65
Explanation:
The unit cost per can of soup transferred to finished goods warehouse during March is the total manufacturing costs incurred by both Mixing and Cooking department and Canning Department divided by the total number of cans of soup transferred.
Both departments incurred $122,900 in manufacturing costs i.e($113,400+$9,500) while the total number of gallons of soup transferred to finished goods warehouse was 190,000 cans
Unit cost per can of soup=$122,900/190,000=$0.65
Using the Hypergeometric distribution principle, the probability of X = 3 in the function is 0.4396
Defining an hypergeometric distribution function :
The parameters given :
- N = 15
- r = 4
- X = 3
- n = 10
Using Combination :
Recall : nCr = n! ÷ (n-r)!r!
Using a calculator :
Therefore, the probability of X = 3 in the hypergeometric function is 0.4396 (rounded to 4 decimal places).
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The rate of 40 percent will be used for the highest earners in Country X pay in taxes.
<h3>What is a progressive taxation?</h3>
This method of taxation involves use of higher tax rates for those who earns higher income or more wealth,
Hence, the rate of 40 percent will be used for the highest earners in Country X pay in taxes.
Therefore, the Option D is correct.
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Hello!
<h3><em><u>Answer:</u></em></h3>
I believe the correct answer is: The key principle to success in business is
<h3><u><em>Explanation: </em></u></h3>
Having a business plan can really help you expand your business and give it direction. You can also identify your weaknesses and strengths by preparing and planning, and be prepared for any future obstacles in your path.
