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Brenda and Lela are sisters. They both like to make ice cream and cake. Brenda makes one batch of ice cream in eight hours and bakes a cake in two hours. Lela makes one batch of ice cream in 10 hours and bakes a cake in 5 hours.
Reference the scenario above to answer these questions:
Who has the absolute advantage in making ice cream? Explain how you determined this.
Who has the comparative advantage in making ice cream? Explain how you determined this.
Compare the absolute advantage of making cake to the comparative advantage of making cake for the two sisters.
q1. alexs furniture mart produces and sells tables in a perfectly competitive market. when alexs furniture mart
Using the specific-factors model, elucidate why you might expect to see certain capital owners and labor groups arguing against expanding trade in a capital-abundant country.
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if you deposit $1000 now, $3000 four years from now follows by five quartely deposite decreasing by $500 per quarter at an interest rate of 12% per years compounded quartely. how much will you have in your account 10 years from now?
Assume an increase in England’s economic growth. Holding everything else constant, we can expect:
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Research where you would find the U.S. international trade policies and their history as they apply to various industries.
It is always better to hire a more qualified and productive worker then a less qualified and productive one regardless of cost.
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