User Account

All Pages

Explain concept of comparative advantage in laymans terms

Assignment Help Microeconomics
Reference no: EM131861648

Problem

Your answer should not exceed 500 words. If you are getting more than 500 words, you should revise your work. You have ample time to complete the essay. If you can use numerical examples that will be a strong answer that explains the idea of comparative advantage. Also, you cannot really explain comparative advantage without explaining absolute advantage. Remember to include a list of references (which is not counted towards the 500 words). Good luck.

1. Explain the concept of comparative advantage in layman's terms. Give two examples of where you've seen the idea in your personal life. (e.g., sharing of household duties, choice of job, choice of major, etc.)

Reference no: EM131861648

Questions Cloud

Discuss how economists measure income inequality : Discuss how economists measure income inequality. How does income inequality in our economy compare to the rest of the world?
What is your expected minimum price with each option : What is the intrinsic value and the time value for each option? What is your expected minimum price with each option?
What is the leakage that would result if the government : (a) What is the leakage that would result if the government imposes a tax of $3 per unit of the good?
What was the overall message and main point : Watch the video and then write your reflection. What was the overall message/main point (a brief summary)? What continues to remain unclear
Explain concept of comparative advantage in laymans terms : Explain the concept of comparative advantage in layman's terms. Give two examples of where you've seen the idea in your personal life.
Definition to analyze markets : Based on the discussion provided in the article, provide your own definition of a barrier to entry that is based on the barrier to entry presented in the movie
Npv of test-marketing before going to market : Calculate the NPV of going directly to market and the NPV of test-marketing before going to market.
Calculating the risk tolerance : Develop a decision tree that can be used to solve Chang's problem. You can assume in this part of the problem that she is using EMV (of her net profit).
Construct piecewise function graph - looks like smiling face : What is the equation of the line through and construct a piecewise function whose graph looks like a smiling face

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd