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ivann1987 [24]
2 years ago
7

Create a simple sketch showing what Hawkins and Crusoe could produce if the two men lived independently on different sides of th

e island. Then in one or two sentences write a caption to explain why Hawkins has an absolute advantage in food production. Use the term absolute advantage.
Text to speech
Business
1 answer:
cupoosta [38]2 years ago
8 0

If two men are producing the same good, but one of them is producing more, with the same constraints, then he has an absolute advantage.

<h3>What is Absolute Advantage?</h3>

This refers to the economic principle which means that one particular entity is able to manufacture a greater quantity of goods in a more efficient manner than their competitors.

Please note that your question is incomplete so I gave you a general description to help you better understand the concept.

Some of the factors that can affect absolute advantage are:

  • Cheaper materials
  • Less time used to produce the good
  • Cheaper labor, etc

Read more about absolute advantage here:
brainly.com/question/8141905

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If real gdp in a particular year is $80 billion and nominal gdp is $240 billion, the gdp price index for that year is:
Alex787 [66]
<span>The gdp price index for that year is 300.
This is how we calculate this;
Gdp price index = 100 x nominal gdp / real gdp
=100 x 240 / 80
=24000/80
</span>Gdp price index = 300
5 0
3 years ago
ABC Company issues a 3-year bond with a $1,000 Face Value and a 5% Coupon Rate, with coupons paid once a year at the end of ever
AlekseyPX

Answer:

yield to maturity = 9.78%

Explanation:

yield to maturity = {coupon + [(face value - market value) / n]} / [(face value + market value) / n]]

YTM =  {$50 + [($1,000 - $913) / 2]} / [(($1,000 + $913) / 2]] = $93.50 / $956.50 = 0.09775 = 9.78%

The yield to maturity represents the total rate of return that an investor should receive if he/she holds a bond until it matures.

3 0
3 years ago
Sleep Tight, Inc., manufactures bedding sets. The budgeted production is for 51,500 comforters this year. Each comforter require
andrezito [222]

Answer:

Total direct labor hours= 77,250

Direct labor cost= $911,550

Explanation:

Giving the following information:

Production= 51,500 units

Standard hours= 1.5 per unit

Standard rate= $11.8 per hour

<u>First, we need to calculate the direct labor hours required:</u>

Total direct labor hours= 1.5*51,500= 77,250

<u>Now, the direct labor cost:</u>

Direct labor cost= 77,250*11.8

Direct labor cost= $911,550

3 0
2 years ago
Explain how the government is both a consumer and a producer and give one example of th
natita [175]
The government is an consumer because they trade with other countries to get goods that their country need and they are also a producer because they produce strategies for their government to make our communities around the world more better and advanced.
3 0
3 years ago
Solving for dominant strategies and the Nash equilibrium
Svetach [21]

Question Completion:

Matrix payoff:

                                              Sharon

                                  Left              Right

Paolo     Left              8,  3             4,   4

              Right           5,  3             5,   4

Answer:

The only dominant strategy in this game is for ___Paolo______ to choose ____Right______.

The outcome reflecting the unique Nash equilibrium in this game is as follows: Paolo chooses ____Right______ and Sharon chooses __ Right_____.

Explanation:

a) Paolo's dominant strategy is the strategy that always provides the greater utility to Paolo, no matter what Sharon's strategy is.  In this case, the dominant strategy for Paolo is to choose RIGHT always.

b) The Nash Equilibrium concept determines the optimal solution in a non-cooperative game in which each player (e.g. Paolo and Sharon) lacks any incentive to change their initial strategies. This implies that each player can achieve their desired outcomes by not deviating from their initial strategies since each player's strategy is optimal when considering the decisions of the other player.

3 0
3 years ago
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