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Distinguish among the terms of trade and the balance of trade for a country.
Definition of terms of trade
a) The amount of a given amount of export goods essential to buy a given amount of import goods
b) Barter or commodity terms of trade, i.e. quantity of Volvos per quantity of Toyotas
Explanation of trade balance
a) Price of exports times quantity of exports equals export revenue
b) Price of imports times quantity of imports equals imports spending
Meaning of absolute cost difference and comparative cost difference.
This is the practice of maximizing profits and revenues and minimizing costs, using marginal analysis.
#queA monopolist has a constant marginal and average cost of $10 and faces a demand curve Of Qd = 1000-10P. Marginal revenue is given by MR= 1000-1/5Q. stion..
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