Differentiate comparative and absolute advantage, Macroeconomics

Assignment Help:

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!


Related Discussions:- Differentiate comparative and absolute advantage

Various control variables in the data set, From stock and Watson 3rd editio...

From stock and Watson 3rd edition introduction to econometrics Using the data set Teaching Ratings described, carry out the following exercises. a) Run a regression of Course

Citizens play in fostering global social progress, How is the global social...

How is the global social progress being measured today? Name some indicators of development progress that you believe reasonably reflect actual progress. What roles do corporate ci

Determine the probability and power curve, Learning Objective: Reinforce u...

Learning Objective: Reinforce understanding of Power, β , and α . Problem: A packing process is designed to fill steel drums with 400 pounds of a chemical. To determine whe

Perfectly competitive firm, Explain why P=MC in the short-run equilibrium o...

Explain why P=MC in the short-run equilibrium of the perfectly competitive firm, whereas in the long-run equilibrium P=MC=AC.

Project to build a factory, Suppose there are two investors. One has a proj...

Suppose there are two investors. One has a project to build a factory; the other has a project to visit casino and gamble on roulette. Which investor has a greater incentive to iss

Expected profit or loss for the university, The enrollment in a course offe...

The enrollment in a course offered by the College of Business is random and is described by the following probability distribution: there is a 9% chance of 18 students, 22% chance

Evaluation of money, Ask question #Minimum 1 page words accepted#

Ask question #Minimum 1 page words accepted#

Calculate the production with antitrust laws, The following Table summarize...

The following Table summarizes the profits of two firms as a function of their capacity investments levels (you can also interpret these levels as the quantities they produce):

Unemployment, explain the phillips curve the relationship of inflation and ...

explain the phillips curve the relationship of inflation and unemployment

Value of this expansion project, Bruno's Lunch Counter is expanding and exp...

Bruno's Lunch Counter is expanding and expects operating cash flows of $26,000 a year for 4 years as a result. This expansion requires $39,000 in new fixed assets. These assets wil

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd