FREE BRAINLEIAST FOR FIRST GOGOGOGO!!
2 answers:
You might be interested in
Given the above production possibility curve:
- Kate has an absolute advantage in neither goods
- Sarah has the absolute advantage in both goods.
This is the ability of one person or group to do a certain economic activity more effectively than another person or group.
<h3>How do we arrive at the above answer?</h3>From the PPC curves of both manufacturers, the attached schedule of production which shows how they use 8 hours of labor indicates that:
Kate produces 4 loaves of bread or 8 pieces of cake; while
Sarah produces 12 loaves or 9 pieces of cake.
Given the definition of Absolute Advantage above, it is thus correct to state that:
- Kate has an absolute advantage in neither goods: while
- Sarah has the absolute advantage in both goods.
Learn more about absolute advantage at;
brainly.com/question/1655791
#SPJ1
In Country A, the opportunity cost of one paper clip is 1/2. Option C
<h3>What is opportunity cost?</h3>The opportunity cost refers to the alternative forgone in production. It means that it is the option that is chosen in the midst of other possibilities.
We can see from the table that in Country A, the opportunity cost of one paper clip is 1/2.
Learn more about opportunity cost: brainly.com/question/13036997
#SPJ1
Missing parts
If countries A and B produce only either rubber bands or paper clips, their maximum outputs are shown in the accompanying production possibilities schedules.
In country A the opportunity cost of 1 paper clip is
A.2 rubber bands.
B.1 rubber band
C.1/2 rubber band.
D.1/4 rubber band.
