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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?
Industrial Policy: Government policies which are aimed at fostering the domestic development of particular desirable or productive industries, in order to enhance productivity, cre
1. Go to the website for MarginalRevolution. Find">http://www.marginalrevolution.com Find two posts that related to microeconomic topics that we are covering and write about on
Suppose that the short-run world demand and supply elasticities for crude oil are -0.076 and 0.088, respectively. The current price per barrel is $30 and the short -run equilibrium
what is demand function
Determinants of Social Demand - Economies of Scale The universe of knowledge is highly diverse. There are certain branches of knowledge whose value to human culture and civil
what is the value in 10 years of 1 million dollars if interes rates are 4%?
LONG PERIOD ANALYSIS: Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. H
what is the theory of second best? prove the theorem with the help of a diagram.
Nucleic acids perform two important functions 1. Replication: It is the property of biomolecules to synthesise exact copy of it. DNA has this unique property of duplicating it
draw demand curve for a-phone explain how the graph, price ,and quantity demand will change if there is an overall increase in income.
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