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define the terms of trade?what is principle of comparetive advantage
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- When goods are called homogenous. What does this actually means?Suppose you are chatting to a friend in Brazil on the Internet. Your friend tells weather is forecast to be really cold in the next few weeks and the frost that's expected will damage the coffee crop. Your friend says, "If there are going to be fewer coffee beans available, rll bet that coffee bean prices will rise. We should buy enomous quantities of coffee beans now and put them in storage. Later we will sell them and make a huge profit." you that the 4. Can you "beat the market" with public information? That is, can you use publicly available information to help you buy something cheap and quickly sell it at a higher price? Why or why not? In order to reduce smoking, the government places an additional tax of €2 on a pack of twenty cigarettes. After one month, while the price to the consumer has increased a great deal, the quantity demanded of cigarettes has been reduced only slightly. 5. Is the demand for cigarettes over the period of one month price elastic or price inelastic?…Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” help explain this to me please in a couple paragraphs
- What is the difference of absolute advantage and comparitive advantage?3. a. What method is used to ration goods in a market econo- my? How does this rationing method influence the incen- tive of individuals to supply goods, services, and resourc- es to others? b. How are grades rationed in your economics class? How does this rationing method influence student behavior? Suppose the highest grades were rationed to those whom the teacher liked best. How would this method of ration- ing influence student behavior? 12.What are the pros and cons of market economy?
- Where does allocative efficiency occur? where the price of a good is equal to the marginal cost of producing it where the greatest quantity of output is available for sale 1S where the price of a good is greater than the marginal cost of producing it O where the price of a good is less than the marginal cost of producing itShort question find allocation that it is pareto optimality and it is not Envy Freeness up to one good?Mark can cook dinner in 30 minutes and wash thelaundry in 20 minutes. His roommate takes half aslong to do each task. How should the roommatesallocate the work?a. Mark should do more of the cooking based on hiscomparative advantage.b. Mark should do more of the washing based on hiscomparative advantage.c. Mark should do more of the washing based on hisabsolute advantage.d. There are no gains from trade in this situation.
- Economic theory indicates that as any economic agent tries to extend any productive activity further, it becomes increasing more difficult to do so. What is this particular theory called? Select one: a. Law of Comparative Advantage b. Law of Demand c. Law of Ceteris Paribus d. Law of Diminishing ReturnsSat Oct 30 2:46 PM Bookmarks Window Help History + 88 Safari File Edit View ng.cengage.com Sean is buying pizza and salad. b Answered: Now suppose Andre... X MindTap - Cengage Learning Bb Homework Assignments – Fou... Home - cuchicago.edu Concordia-Chicago | Concordi... Q Search this course « CENGAGE MINDTAP Maria v Refresh Your Math & Graphing Skills A My Home 40.00 4 10 Courses 40.00 8 A-Z Catalog and Study Tools Rental Options Use the black line (plus symbols) to plot the line illustrating the combinations of salad and pizza that Andrew can purchase with a budget of $40.00. College Success Tips Career Success Tips 30 RECOMMENDED FOR YOU 28 26 Initial Budget THE 24 COST 22 OF 20 bongo LIVING New Budget 18 Living Expenses: Key to Your 16 MORTGAGE SCHOOL FEES. 10364.00 ELECTRICITY BANK LOAN. INSURANCE 7000.00 .8745.00 Well-Being 14 1324.0 9423 12 10 ? Help 8 Give Feedback 4 2 + 8 10 12 14 16 18 20 22 24 26 28 30 4 SALAD (Bowls) ОСТ étv W W 30 280 PIZZA (Slices) 2.How does subjective value make “gains from trade” possible?