Absolute advantage and comparative advantage, economics, Microeconomics

Assignment Help:
Absolute advantage is the simplest yardstick of economic performance and it may be simply describe as If one person or a firm or a country may produce more of something with the same amount of effort & resources, and they have an absolute advantage over there with other producers. The best at something does not mean which doing that thing is the best way to use your scarce economic resources. Both absolute & comparative advantage may vary significantly over time.

Related Discussions:- Absolute advantage and comparative advantage, economics

Partial input elasticity of output, Partial Input Elasticity of Output:   ...

Partial Input Elasticity of Output:   This is a short-run concept which deals with the variability of only one factor keeping the others constant. There are three kinds of retu

What do you mean by benefits, Q. What do you mean by Benefits? The bene...

Q. What do you mean by Benefits? The benefit of a project, policy or programme is the positive, expected aspect of an outcome, including the improvement in environmental qualit

Determinants of social demand for education - externalities, Determinants o...

Determinants of Social Demand for Education - Externalities The state has several objectives of which welfare and development of the people are most important. Promotion of cu

Calculates benefit cost ratio using current dollars, When there is a positi...

When there is a positive expected rate of inflation (i.e., an expected and sustained increase in the levels of all prices), the Benefit Cost Ratio of a proposed project will take o

Role of government in a market based economy, 1) What are the most importan...

1) What are the most important challenges that economists try to address? (2) What is the role of government in a market based economy?  (3) Who are the main economic players

Average fixed costs, how do you find the average fixed costs using total fi...

how do you find the average fixed costs using total fixed costs and total product?

Microeconomic analysis, what is the relevance of microeconomic analysis in ...

what is the relevance of microeconomic analysis in contemporary Nigerian economy

Describe pay-as-you-go pension plan, Q. Describe pay-as-you-go pension plan...

Q. Describe pay-as-you-go pension plan? Pay-As-You-Go Pension: A pay-as-you-go pension plan sponsor basically just pays for pension benefits to retired plan members out of its

Compensated demand curve, Compensated Demand Curve: Compensated demand...

Compensated Demand Curve: Compensated demand function for a commodity (say x1) of an individual consumer represents demand quantity for that good (which is purchased by the co

Growth, During a given interval a nation''s overall productivity grows at a...

During a given interval a nation''s overall productivity grows at a compounded rate of 2%. Its population growth rate and degree of labor-force participation do not change over thi

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