The absolute advantage .

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Answer 1

Question

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

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Answer in step by step with explanation. Don't use Ai.

Use the figure below to answer the following question. Let I represent Income when healthy, let I represent income when ill. Let E [I] represent expected income for a given probability (p) of falling ill. Utility у в ULI income Is есте IM The actuarially fair & partial contract is represented by Point X × OB A Y

Suppose that there is a 25% chance Riju is injured and earns $180,000, and a 75% chance she stays healthy and will earn $900,000. Suppose further that her utility function is the following: U = (Income) ³. Riju's utility if she earns $180,000 is _ and her utility if she earns $900,000 is. X 56.46; 169.38 56.46; 96.55 96.55; 56.46 40.00; 200.00 169.38; 56.46

Answer 2

Question

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Answer 6

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.

Economics Concept Introduction

Concept Introduction:

Absolute advantage: It is the ability to produce a good using fewer inputs than another producer does.

Answer 7

Chapter 3, Problem 1CQQ

To determine

The absolute advantage.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘d’ is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (d)

Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time. So option ‘d’ is correct.

Option (a)

Mateo can only wash 2 cars per hours, whereas Tyler can wash 3 cars in the same amount of time. So Mateo does not have the absolute advantage in washing cars. Also, both do not have the advantage over the other in mowing the lawn. So option ‘a’ is incorrect.

Option (b)

Tyler has an absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour but both do not have the advantage over the other in mowing the lawn. So option ‘b’ is incorrect.

Option (c)

None has the absolute advantage in mowing as both can only mow 1 lawn in an hour’s time but Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while Mateo can only wash 2 cars per hour. So option ‘c’ is incorrect.