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Author Question: Crtically evaluat the following statement. It is possible to calculate comparative advantage even ... (Read 40 times)

ss2343

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on: Jun 29, 2018
Crtically evaluat the following statement. It is possible to calculate comparative advantage even when prices are not known.
 
  What will be an ideal response?

Question 2

When total utility is at its maximum what must be the value of marginal utility?
 
  What will be an ideal response?


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dpost18

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Reply #1 on: Jun 29, 2018
Answer to Question 1

This statement is true. Opportunity cost is all that is required. And of course opportunity cost simply refers to what is given up in order to produce something. The item given up doesn't have to have a monetary price tag in order for opportunity cost to be calculated.

Answer to Question 2

Total utility is maximized when marginal utility is zero.


ss2343

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Reply 2 on: Jun 29, 2018
Excellent

lcapri7

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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