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

Author Question: Crtically evaluat the following statement. It is possible to calculate comparative advantage even ... (Read 54 times)

ss2343

  • Hero Member
  • *****
  • Posts: 548
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dpost18

  • Sr. Member
  • ****
  • Posts: 345
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

  • Member
  • Posts: 548
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

kthug

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Sequential blending uses a computer to calculate the correct ratio as well as the prescribed order ... Sequential blending uses a computer to calculate the correct ratio as well as the prescribed order ...
How to calculate annuity when compounded quarterly (Part 2) How to calculate annuity when compounded quarterly (Part 2)
How to calculate present value (Question 2) How to calculate present value (Question 2)
How to calculate present value (Question 3) How to calculate present value (Question 3)
Easy way to remember to formula to calculate volume of a cylinder Easy way to remember to formula to calculate volume of a cylinder
How to calculate the gain and loss gene numbers with low bootstrap of phylogenetic tree? How to calculate the gain and loss gene numbers with low bootstrap of phylogenetic tree?
Video: Gas exchange - driving force

For a complete list of videos, visit our video library