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1. Explain how absolute advantage and comparative advantage differ?
2. Give an example in which a person has an absolute advantage in doing some thing but another person has a comparative advantage .
3. Will a nation tend to export or import goods for which it has a comparative advantage? Explain.
4. Why do economists oppose policies that restrict trade among nations?
5. What are the different applications of comparative advantage?
explain consumer equilibrium diagrammatically as well mathematically by using necessary and sufficient conditions
Question 1: The price of the good X rises from $1.30 to $1.40. Calculate the price elasticity of demand by using the mid-point method. Question 2: How do you explain the answer
Mg(OH)2 + 2HCl-----> MgCl2 +2H2O how many grams of magnesium chloride can be produced from 14.60mL of a 0.546M hydrogen chloride solution?
The Budget Line The line BB gives the persons budget constraint. It is described by the linear equation c + wl = w; which can be rewritten as c = w - wl: The budget li
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What is Rubenstein''s model in Game theory? A Rubinstein bargaining model is mainly refers to class of bargaining games which is main feature of alternating offers through an infi
What is the theory of second best
CAUSES OF SLOW GROWTH: A recent empirical study seeks to explain statistically the variations in inter-country growth rates. The global pattern of growth is shown to depend on
The most fundamental economic problem is scarcity.
how can we solve central problems of economy in different econmy?
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