This topic contains a solution. Click here to go to the answer

Author Question: Crtically evaluat the following statement. It is possible to calculate comparative advantage even ... (Read 44 times)

ss2343

  • Hero Member
  • *****
  • Posts: 548
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
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
Wow, this really help


Dnite

  • Member
  • Posts: 297
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

The average adult has about 21 square feet of skin.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

For a complete list of videos, visit our video library