Suppose that the price of sedans in the previous graph decreases from $25,000 to $20,000 per car. This would cause the sedans to decrease, which is reflected on the graph by a the supply curve. Suppose a technological improvement increases the speed with which robots can attach bolts to cars from 1,000 bolts per hour to 2,000 bolts per hour. Assuming that the wage rate remains the same, this would cause a the supply curve. This is because the technological improvement makes cars

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Comparative Advantage and Absolute Advantage Analysis

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