Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 6 tables or 18 chairs, where Sandy can make 5 tables or 25 chairs. Who has a comparative advantage in which product? a) both Mike and Sandy in tables Ob) Mike in chairs, Sandy in tables c) both Mike and Sandy in chairs d) Mike in tables, Sandy in chairs Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 6 tables or 18 chairs, where Sandy can make 5 tables or 25 chairs. Who has a comparative advantage in which product? a) both Mike and Sandy in tables Ob) Mike in chairs, Sandy in tables c) both Mike and Sandy in chairs d) Mike in tables, Sandy in chairs
Expert Answer:
Answer rating: 100% (QA)
To determine comparative advantage we need to compare the opportunity ... View the full answer
Related Book For
Macroeconomics Principles Applications And Tools
ISBN: 9780134089034
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
Posted Date:
Students also viewed these economics questions
-
Use the given figure and rotation point P to construct the indicated rotations. Show the figure in the positions both before and after the rotation. Use the following figure. Construct A 90 rotation...
-
Use the given figure and rotation point P to construct the indicated rotations. Show the figure in the positions both before and after the rotation. Use the following figure. Construct A 180 rotation...
-
Use the given figure and rotation point P to construct the indicated rotations. Show the figure in the positions both before and after the rotation. Use the following figure. Construct A 90 rotation...
-
Superior Gaming, a computer enhancement company, has three product lines: audio enhancers, video enhancers, and connection-speed accelerators. Common costs are allocated based on relative sales. A...
-
The following statement of cash flows is adapted from Shanteza, Inc.'s 2016 annual report. Amounts are shown in millions of dollars. Required Analyze Shanteza's statement of cash flows by making at...
-
What is return on marketing investment (ROMI)? How does considering marketing as an investment instead of an expense affect a firm?
-
Choose five companies from different industries and locate their statements of cash flows for the most recent year. (a) Create a table to compare the dollars provided or used by operating, investing,...
-
Farrar University offers an extensive continuing education program in many cities throughout the state. For the convenience of its faculty and administrative staff and to save costs, the university...
-
If a company has more than one hundred employees, a form called the EEO-1 must be filled out yearly. What is the purpose of this form?
-
The Gills accumulated $68,000 in an RESP for their daughter, Sam. Now Sam is 19 and in second year at university, taking three courses, but working part time and earning $22,000 a year. They have not...
-
What are the major differences between financial accounting and managerial accounting? Define what is meant by the term direct materials cost. Give examples of direct materials for a clothing...
-
What companies use warehouse distributors/suppliers in South Africa And how do they do things in the warehouse in terms of packing, offloading and onloading, counting stock ect. How can that Company...
-
The Union of Solid Americans (USA) is a nativist organization dedicated to the eradication of illegal immigration. At a recent rally Gerry Swanson, the self-described "commander-in-chief" of the USA,...
-
What types of complaints has CC Dress Hire received from customers? How does CC Dress Hire deal with customer complaints? Use the three dimensions of justice to explain how CC Dress Hire should be...
-
Asia Inc. has sales revenue of $10,000, Depreciation of $2,000, interest expense of $1,500, current assets of $3,600, net fixed assets of $19,500, current liabilities of $3,100, and long-term debt of...
-
With Microsoft Excel, use the data provided to estimate a log-linear demand function for alkaline batteries. Carefully respond to the following items/questions: Chart: Excel Worksheet Regression...
-
Suppose that fraction used = / 1.0 + 0.1Mt. for some parameter 1. Write the discrete-time dynamical system and solve for the equilibrium. Sketch a graph of the equilibrium as a function of ....
-
1. A fire extinguisher is an example of a(n) _______ good with a(n)_______ benefit. 2. Education generates three types of external benefits: _______, _______, and_______. 3. The external benefit of...
-
Since about 1850, international migration has played an important role in labor markets. In the first wave of immigration, from 1850 to 1913, over a million people migrated to the Americas each year....
-
Was the most recent recession the most severe economic downturn since the Great Depression? With the data now in, it appears that the recession starting in December 2007 will rival the recession...
-
The times required by students to complete a statistics test. State whether the data described are discrete or continuous and explain why?
-
Number of cars crossing the Golden Gate Bridge each hour. State whether the data described are discrete or continuous and explain why?
-
The speeds of cars as they pass the center of the Golden Gate Bridge. State whether the data described are discrete or continuous and explain why?
Study smarter with the SolutionInn App