Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. Who has a comparative advantage in which product? Select one: O a. both Mike and Sandy in tables b. Mike in tables, Sandy in chairs Oc. both Mike and Sandy in chairs d. Mike in chairs, Sandy in tables

Q: The illustrates the combinations of two goods that a society can produce if all of its resources are…

A: The concept of absolute advantage illustrates the ability of a person, firm, or nation to produce…

Q: Alex and Henry are completing group work for class. The input table below gives the time that it…

A: Comparative advantage is determined by comparing the opportunity cost. Opportunity cost is the…

Q: Quantity of Guns Consider the figures above. In Economy B, the opportunity cost of making O A.…

A: An economic model that graphs a producer's production choices is called a production possibilities…

Q: nd and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Jake 40 8. Latasha…

A: Jake's can produce either 40 bushels of barley or 8 bushels of Alfalfa per acre of land Latasha can…

Q: has an absolute advantage in the production of corn, and has an absolute advantage in the production…

A: The production possibility frontier(PPF) is the combination of goods that be produced at the maximum…

Q: What are the relative prices (opportunity costs) of wine and cloth?     a) wine costs 1/2 yard of…

A: In portugal the production of cloth requires double man-hoirs than the wine while in England both…

Q: wered For each fancy dress Cafilla produces, it gives up the opportunity to make 50 pounds of…

A: Under trade, each person or country specializes in the good it has a comparative advantage in.

Q: You and your friend Tom are stranded on a deserted island and need to survive by collecting firewood…

A: Let us first create the matrix from the given information:   Firewood (in one hour) Fish (in one…

Q: 11. If Portugal has a total of 120 man-hours of resources available for production, while England…

A: Answer: Correct option: (b) Portugal Explanation: The country which has the least opportunity cost…

Q: Loc WATERMELON (Pounds) Ashima On the following graph, use the blue line (circle symbol) to plot…

A: The production capacity of a nation depends on the available resources to produce that particular…

Q: Bill and Melinda work for a firm that creates web pages and apps.  The number of web page designs…

A: Melinda has a comparative advantage in - Creating apps   Explanation Comparative advantage One of…

Comparative Advantage and Absolute Advantage Analysis

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