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What is the difference between Comparative Advantage and Absolute Advantage?
Difference between Comparative Advantage and Absolute Advantage:
Comparative advantage: it is the opportunity cost of producing the good is lower for which individual than for other people.
Absolute advantage: When he or she can do this better than other people.
Attentive: Don’t confuse about comparative advantage along with absolute advantage!
What is the total cost of producing output? The total cost of producing a specified quantity of output is the total of the fixed cost along with the variable cost of producing
The following network N has source S and sink T with arc capacities as shown. (a) Use the maximum flow algorithm to find a maximum flow from S to T and draw a diagram
The study of the overall aspects and workings of a national economy is like as income, output, and the interrelationship between diverse economic sectors. It is the study of all as
A 90 o perfectly conducting corner cube reflector has a shortdipole (oriented in the z-direction) placed at a distance d from the vertex. The antenna is fed by current Io. a) F
Tax cuts get better the economy by giving the people more spending power and higher consumer confidence, which leads to them spending more of all of their income which lead to more
Q. Relationship between L and P? • As long as L is smaller than LB, L may change with no change in prices. In this range, there is no relation between L andP. • When L is betw
how is it calculated
When the reserve requirement changes, which of the following will change in the total banking system? (Answer change or No Change) Transaction Deposits Total Reserves Req
if a 10% decrease in the price of product A brings about a 3% increase in the sales of product B, then a. product A and B are complementary b. the cross elasticity of demand
1. An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is equal to A) The cost of bait and any other monetary expenses. B) Zero, becaus
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