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Nobel laureate Paul Samuelson said that comparative advantage is one of the few ideas in economics that is both "true and not obvious." Since it's not obvious, we should practice with it a bit. In each of the following cases below, who has the absolute advantage at each task, and who has the comparative advantage
a. In 30 minutes, Kana can either make miso soup or she can clean the kitchen. In 15 minutes, Mitchell can make miso soup; it takes Mitchell and hour to clean the kitchen.
b. In one hour, Ethan can bake 20 cookies or lay the drywall for two rooms. In one hour, Sienna can bake 100 cookies or lay the drywall for three rooms.
c. Kara can build two glass sculptures per day or she can design two full-page newspaper advertisements per day. Sara can build one glass sculpture per day or design four full-page newspaper ads per day.
d. Data can write 12 excellent poems per day or solve 100 difficult physics problems per day. Riker can write one excellent poem per day or solve 0.5 difficult physics problems per day.
If the marginal revenue from a product is $15 and the price elasticity of demand is ?1.2, what is the price of the product?
Will this cost increase make the tobacco companies better or worse off, and will it lead to higher or lower prices for cigarettes?
Discuss which key concepts and topics in this course have made you a stronger candidate to enter the business world.
You and your boss are having a discussion about a changing supply factor for the good you bring to market. You manufacture widgets, specifically left-handed widgets for sale in the Maryland marketplace. Your boss has won awards celebrating her entrep..
Suppose the interest rate is 5% and that you are to receive three annual payments of $10,000, with the first payment one year from now, the second payment two years from now, and the third payment three years from now. What is the present value of th..
As the textbook authors point out, calculating commercial damages takes creative analysis as well as a step-by-step scientific approach. Each situation will be different. What are the major categories of commercial damages?
The Peel Trading Company received an invoice dated September 20 for $16 000 less 25% and 20%, terms 5/10, 2/30, n/60. Peel made a payment on September 30 to reduce the debt to $5000 and a payment on October 20 to reduce the debt by $3000. What amount..
An article in the Wall Street Journal reported that large hotel chains, such as Marriott, are tending to reduce the number of hotels that they franchise to outside owners and increase the number the chain owns and manages itself. Why would Marriott w..
What rate of output maximizes profits? What is MR at the rate of output? What is price? If output is increased beyond that point, what is the relationship of MC to MR? How will this affect total profits?
The relationship between marginal revenue and elasticity is when demand is elastic marginal revenue is positive and when demand is inelastic marginal revenue is negative
Suppose there are two types of people who need health insurance; high-risk and low-risk consumers. High-risk consumers have a relatively high probability of needing expensive medical care and on average incur $2,000 of medical expenses per year.
Discuss how a purely competitive firm might gain market power (and therefore no longer be a purely compettiive firm). Be detailed and specific. Why would a firm wish to gain market power? How would the firm's success in gaining market power affect th..
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