EddieGuitars322824201612840Tubas0123DaveGuitars252015105045678Tubas012345353025201510503025201510500021243685106Eddie and Dave both produce guitars and tubas. They produce a given amountof each per month as seen in the tables above. Given the productionpossibilities curves of each individual above, answer the following:Who has the absolute advantage in the production of guitars?Dave, because he produces 25 guitars compared to Eddie's 32 guitarsEddie, because he produces 32 guitars compared to Dave's 25 guitarsEddie, because he produces 8 tubas compared to Dave's 5 tubasEddie, because his opportunity cost is only 4 guitarsEddie, because his opportunity cost is only 0.25 tubasDave, because he produces 5 tubas compared to Eddie's 8 tubas EddieGuitars322824201612840Tubas01DaveGuitars25201510502345678Tubas0123453530252015105030252015105000212436485106Eddie and Dave both produce guitars and tubas. They produce a given amountof each per month as seen in the tables above. Given the productionpossibilities curves of each individual above, answer the following:Who has the absolute advantage in the production of tubas?Dave, because he must sacrifice 5 guitars to produce an extratuba compared to Dave's sacrifice of 4 guitarsBoth since each must sacrifice 1 more tuba to move to the next point on theproduction possibilities curveEddie, because he produces 8 tubas compared to Dave's 5 tubasEddie, because he must sacrifice 4 guitars to produce an extratuba compared to Dave's sacrifice of 5 guitarsDave, because he produces 5 tubas compared to Dave's 8 tubasONeither has an absolute advantage in the production of tubas

Absolute advantage is when the one can produce more with the same recourse. Comparative advantage…

Eddie Guitars 32 28 24 20 16 12 8 4 0 Tubas 0 1 2 3 Dave Guitars 25 20 15 10 5 0 4 5 6 7 8 Tubas 0 1 2 3 4 5 35 30 25 20 15 10 5 0 30 25 20 15 10 5 0 0 0 2 1 2 4 3 6 8 5 10 6 Eddie and Dave both produce guitars and tubas. They produce a given amount of each per month as seen in the tables above. Given the production possibilities curves of each individual above, answer the following: Who has the absolute advantage in the production of guitars? Dave, because he produces 25 guitars compared to Eddie's 32 guitars Eddie, because he produces 32 guitars compared to Dave's 25 guitars Eddie, because he produces 8 tubas compared to Dave's 5 tubas Eddie, because his opportunity cost is only 4 guitars Eddie, because his opportunity cost is only 0.25 tubas Dave, because he produces 5 tubas compared to Eddie's 8 tubas

Eddie Guitars 32 28 24 20 16 12 8 4 0 Tubas 0 1 2 3 Dave Guitars 25 20 15 10 5 0 4 5 6 7 8 Tubas 0 1 2 3 4 5 35 30 25 20 15 10 5 0 30 25 20 15 10 5 0 0 0 2 1 2 4 3 6 8 5 10 6 Eddie and Dave both produce guitars and tubas. They produce a given amount of each per month as seen in the tables above. Given the production possibilities curves of each individual above, answer the following: Who has the absolute advantage in the production of guitars? Dave, because he produces 25 guitars compared to Eddie's 32 guitars Eddie, because he produces 32 guitars compared to Dave's 25 guitars Eddie, because he produces 8 tubas compared to Dave's 5 tubas Eddie, because his opportunity cost is only 4 guitars Eddie, because his opportunity cost is only 0.25 tubas Dave, because he produces 5 tubas compared to Eddie's 8 tubas

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If you know that average variable cost is at a minimum, then you can deduce that marginal cost is higher than average variable cost. O marginal cost is equal to average variable cost. O marginal cost is lower than average variable cost. none of the available choices are correct. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
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In the table, the average variable cost at 2 units of output is Output (balloons per hour] Total Cost (dollars per hour) $4.00 $7.00 $8.00 $12.50 $17.20 $22.00 $29.00 5 O A. $1.00. OB. $2.00. OC. $4.00. OD. $4.80. 1234t n6
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Eddie Guitars 32 28 24 20 16 12 8 4 0 Tubas 0 1 2 3 4 5 6 7 8 Dave Guitars 25 20 15 10 5 0 Tubas 0 1 2 3 4 5 35 30 25 20 15 10 5 0 30 25 20 15 10 5 0 0 0 2 1 2 4 3 6 4 8 5 10 6 Eddie and Dave both produce guitars and tubas. They produce a given amount of each per month as seen in the tables above. Given the production possibilities curves of each individual above, answer the following: Who has the comparative advantage in the production of guitars? Eddie, because he is able to produce a greater number of guitars compared to Dave Dave, because his opportunity cost of producing a guitar is 5 tubas compared to Eddie's opportunity cost of producing a guitar of 4 tubas Eddie, because his opportunity cost of producing a guitar is 0.25 tubas compared to Dave's opportunity cost of producing a guitar of 0.20 tubas Dave, because he is able to produce a lower number of guitars compared to Eddie Dave, because he is able to produce a greater number of guitars compared to Eddie Dave, because his…
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