South Carolina was founded in 1663 by eight English nobles with a Royal Charter from King Charles II. South Carolina was one of the wealthiest colonies, although more battles were fought there than any other colony.
A nation's competitiveness depends on the capacity of its industries to <u>innovate and upgrade</u> and thereby maintain its competitive advantage.
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What is competitive advantage?</h3>
- A company's ability to produce goods or services faster, more efficiently, or for less money than its competitors is known as a ccompetitive advantage.
- These elements enable the producing unit to outperform its competitors in terms of sales or margins. Cost structure, branding, the standard of the product offers, the distribution system, intellectual property, and customer service are just a few examples of the variables that are thought to contribute to competitive advantages.
- Comparative and differentiated advantages are two types of competitive advantages.
- A corporation has a comparative advantage if it can create a product more effectively than a competitor, which increases profit margins.
- When a company's products are regarded as both distinctive and of greater quality than those of a competitor, this is known as having a differential advantage.
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Secession, slavery, Abe Lincoln becoming president, expansion, the bleeding Kansas, industry vs farming
question (2) Marginal Cost = Change in cost / Change in quantity
= 400 / 100 = $ 4
Q(3) Marginal Benefit = $500-$100 = $ 400
Q(4) Marginal benefit of 2 bags of seeds = $ 1000-$200 = $ 800
Q(5) Marginal Benefit of 3 bags of seeds = $ 1500-$300 =$ 1200
If he is being rational,maximum number of bags = depends on land available
