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Absolute and Comparative Advantage
India can produce 100 units of rice and 300 hundred units of wheat using 1 unit of labour. However, Nepal uses 1 unit of labour to produce 20 units of rice and 20 units of wheat. Use this information to answer the following questions.
Define absolute advantage and say which country has absolute advantage in the production of rice and wheat? Justify your answer.
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Illustrate and discuss fully the Circular Flow of Economic Activities. Explain the concept of economic equilibrium and the consequences of failing to maintain.
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Correctly state a NULL hypothesis for your observation that healthcare costs are rising faster than profits.
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What is a concrete example that demonstrates the relationship between objectives and goals?
1) Toyota customers have a wide range of preferences. Some prefer the fuel economy of a hybrid (Prius), some prefer a family van (Odyssey), and others may prefe
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A firm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by TC= 12000 +0.002q^2.
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