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Ellen and May can produce two goods in a day, breakfast bars and frog food pellets. In a single day, May can make 10 breakfast bars or 30 frog pellets, and in a single day Ellen can produce 5 breakfast bars or 40 frog pellets. Which of the following describes comparative and absolute advantage for Ellen and May?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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