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What is the difference between absolute and comparative advantage?
Difference between absolute and comparative advantage:
• Absolute advantage arises while a country or region can create more of a product with the same factor inputs.
• Comparative advantage exists while a country has lower opportunity cost into a good or service production.
You own a small retail business that produces a product that is slightly different from that of your many competitors. Your firm is currently making an economic profit. The absolut
price elasticity of demand for luxury goods in india
A transition economy is Moving from a planned to a mixed or free market economy.
1.) Write a concise one-paragraph summary (no more than ½ a page!) of the corporation. This would include, for example, its products, its industry, its primary competitors, the exc
What is the difference between real and nominal Gross Domestic Product? National Income consists of a price and a quantity element. When the price level doubled along with simi
QUESTION (a) In several countries recently, many people have become unemployed. Analyse the different types of unemployment in an economy. (b) Define inflation and explain i
Fiscal Policy The government's use of spending and taxation to affect the stage of macroeconomic moment. In theory, weak economic activity needs simulative fiscal policy, which
Quantitative demand for watermelons = 50-3P(wm) - 20P(hd) + 10 P(sc) + 0.001(income) P(wm) = $4.00 P(hd) = $3.00 P(sc) = $2.00 Income = $40,000 Quantity supply of watermelons = 2
Information of the history of Banking
abnormal supply curve
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