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ECON 2001.01 Study Guide - Final Guide: Fried Clams, Absolute Advantage, Comparative Advantage

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redspider180
6 Feb 2020
School
Ohio State University
Department
Economics
Course
ECON 2001.01
Professor
Darcy Hartman

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ECON 2001.01 Full Course Notes
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ECON 2001.01 Full Course Notes
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Document Summary

Bob"s total benefit and total cost schedules for plates of fried clams are listed in the table below. Use it to answer the next two questions: 36: what is the marginal benefit to bob of consuming a third plate of clams, 21, 15, 12, 9, 6** I am considering joining a shopper"s club , where i pay membership fee and then get a twenty-five percent discount on all my purchases. You are about to take your tenth ride. Fall19: the professional basketball players" union negotiates a contract that dramatically increases all players" salaries. How would this influence the cost to a player of quitting basketball to pursue a career in broadcasting: there is not enough information to determine. It would decrease the cost, because the player could make more money in the meantime. It would not affect the cost, but it would affect the benefits.

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Related Questions

If the United States has an absolute advantage relative to Mexico in all products, then

a. Neither nation can benefit from trade.

b. Mexico can benefit from trade but the United States cannot.

c. Mexico will not have a comparative advantage in any good.

d. Both nations can still benefit from trade.

4. The following table provides how many units of cars OR wheat can be produced with a unit of resource in US and Canada. Therefore, Canada has absolute advantage as well as comparative advantage in cars. If both countries were to trade based on specialization, U.S. would export bushels of wheat. Table 1: Units of wheat or microchips Produced Per Unit of Resources Wheat Cars Canada U.S. 40 30

Suppose only two people on the frontier: Susy and Bob, and two goods: rifles and shelter. If Susy has the comparative advantage in producing rifles, and Bob has the absolute advantage in producing both goods, then: a. No gains from trade can be made and Bob should produce in isolation. b. Bob has a comparative advantage in rifles as well. c. Bod has the comparative advantage in producing shelter. d. Susy should specialize in creating shelter. Explain definitions of comparative advantage and absolute advantage while giving answer please... I believe it is A