Consider two tea firms in duopolistic competition: Earl of Orange and Welsh Breakfast. Their costs are TCE = q and TCw=qw. They face market demand of: P = 10 - (qe + qw). If the market is characterized by Bertrand competition, which of the following do we know? PE = Pw = 1.

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Comparative Advantage and Absolute Advantage Analysis

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