Who has the comparative advantage in ironing

Assignment Help Business Economics

Reference no: EM131094411

John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30 minutes to type a paper. Who has the comparative advantage in ironing? What is the opportunity cost of Jon ironing a shirt? What is the opportunity cost of John typing a paper? What is the opportunity cost of Harry ironing a shirt? What is the opportunity cost of Harry typing a paper?

Reference no: EM131094411

Questions Cloud

The effort costs of the stall holders : Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather wi..

The purely competitive firm produce to maximize profits : What conditions are necessary to determine if the purely competitive firm should produce in the short run? State the marginal revenue and marginal cost conditions and the total revenue and total cost conditions. Why is the level of output at which ma..

What is the difference between short run and the long run : What is the difference between the short run and the long run? Explain the difference between total product, marginal product and average product. What is the relationship between total product, marginal product, and average product shown by the law ..

What is the reserve-deposit ratio : Assume that the currency-deposit ratio is 0.5. The Federal Reserve carries out open-market operations, purchasing $1 million worth of bonds from banks. This action increased the money supply by $2 million. What is the reserve-deposit ratio?

Who has the comparative advantage in ironing : John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30 minutes to type a paper. Who has the comparative advantage in ironing? What is the opportunity cost of Jon ironing a shirt? What is th..

The concept of mutually assured destruction : The concept of Mutually Assured Destruction (MAD) is cited by many scholars as the mechanism that kept the peace during the Cold War. However, that does not mean the concept was not problematic. Was the United States government actually protecting it..

Explain the complexity gap : Explain the “Complexity Gap” that Corporate CEO’s complain about and how Marketers can eliminate or mitigate much of the uncertainty of determining consumer behavior.

Equilibrium output-price level-consumption and investment : Consider a closed economy. Assume that goods prices are fixed in the short-run and that firms produce whatever they need to meet demand. Assume that money demand is negatively related to the nominal interest rate and positively related to the level o..

Standard deviation of the sampling distribution : The scores of students on the ACT college entrance examination in a recent year had a normal distribution with a mean of 18.6 and a standard deviation of 5.9. A simple random sample of 60 students who took the the exam is selected for study. What are..

User Account

All Pages