Explain advantage and comparative advantage differ, Microeconomics

Assignment Help:

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?

 

 


Related Discussions:- Explain advantage and comparative advantage differ

Consumer equilibrim, explain consumer equilibrium diagrammatically as well ...

explain consumer equilibrium diagrammatically as well mathematically by using necessary and sufficient conditions

Factors that make this demand less elastic, Question 1: The price of the go...

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

Stoichiometry , Mg(OH)2 + 2HCl-----> MgCl2 +2H2O how many grams of magnesiu...

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 Budget Line The line BB gives the persons budget cons...

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

Rubenstein''s model in Game theory, What is Rubenstein''s model in Game the...

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

Second Best, What is the theory of second best

What is the theory of second best

Causes of slow growth - structure of national income, CAUSES OF SLOW GROWTH...

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

Solving of central problems, how can we solve central problems of economy i...

how can we solve central problems of economy in different econmy?

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