Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K. Units of ) MUj Units of K MUK 1 56 1 32 48 28 3 32 24 4 24 4 20 20 5 12 6. 16 6 10 7 12 7 8 If the consumer has money income of $26 and the prices of J and K are $8 and $2 respectively, the consumer will maximize her utility by purchasing

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.