This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Refer to Figure 2-9. If the two countries have the same amount of resources and the same ... (Read 38 times)

madam-professor

  • Hero Member
  • *****
  • Posts: 584
on: Jun 29, 2018
Refer to Figure 2-9. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles?
 
  A) Greenland B) They have the same advantage.
  C) Iceland D) cannot be determined

Question 2

Using Figure 9.1, explain what a firm would do in the short run if the market price of its product were at P3 and it produced Q3 . Is the firm earning an economic profit? Explain.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

kmb352

  • Sr. Member
  • ****
  • Posts: 319
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

The firm would continue to produce in the short run. The firm is enjoying a normal profit since the market price is equal to its average total cost. Normal profit is enjoyed when the firm is able to cover all its economic costs of production.


madam-professor

  • Member
  • Posts: 584
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

shailee

  • Member
  • Posts: 392
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

The average adult has about 21 square feet of skin.

Cultural Variations in the Strange Situation Across cultures, most toddlers exhibit secure attachme Cultural Variations in the Strange Situation Across cultures, most toddlers exhibit secure attachme
Freedom House is a nonprofit institution that uses several different factors to rank countries based Freedom House is a nonprofit institution that uses several different factors to rank countries based
Instruct the patient to use an applicator to apply a small amount of stool in the appropriate boxes ... Instruct the patient to use an applicator to apply a small amount of stool in the appropriate boxes ...
Figure-8s on the toes mobilize joints of the foot. Figure-8s on the toes mobilize joints of the foot.
Check heat source for temperature. Evaluate the amount of heat given off from the source using your ... Check heat source for temperature. Evaluate the amount of heat given off from the source using your ...
How much voltage does the resistor drop in Figure 10-2? How much voltage does the resistor drop in Figure 10-2?
Video: Interview with an Anorexic Woman (Part 1 of 2)

For a complete list of videos, visit our video library