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- What is the difference of absolute advantage and comparitive advantage?Porter’s theory of competitive advantage highlights the nature of competition and the idea that competitive advantage varies between economies or industries. Some countries have an upper hand and can influence competitive advantage in certain industries. Porter argued that it is of great importance that economies have innovative projects in order to establish their presence in said industry, we know now that the production factors, such as Infrastructure, knowledge resources as well as the primary and advanced factors, are also contributors to having such presence that in turn leads to having competitive advantage. This is relevant to the Caribbean region as we know that Lewis developed his theory to be somewhat dependent on industrialization coming from external sources which is known as foreign investment and is evident even in today’s Caribbean society, whereas Porter believed in countries developing their own innovating solutions and insinuated that they must find their own…Porter’s theory of competitive advantage highlights the nature of competition and the idea that competitive advantage varies between economies or industries. Some countries have an upper hand and can influence competitive advantage in certain industries. Porter argued that it is of great importance that economies have innovative projects in order to establish their presence in said industry, we know now that the production factors, such as Infrastructure, knowledge resources as well as the primary and advanced factors, are also contributors to having such presence that in turn leads to having competitive advantage. This is relevant to the Caribbean region as we know that Lewis developed his theory to be somewhat dependent on industrialization coming from external sources which is known as foreign investment and is evident even in today’s Caribbean society, whereas Porter believed in countries developing their own innovating solutions and insinuated that they must find their own…
- Define the term in economics "absolute advantage" and illustrate with an example.What distinguishes comparative advantage from absolute advantage in production?PA no Page 5 8. Pat and Kerry are considering a partnership. With all Pat's resources, Pat can produce 50 X or 20 Y. With all of Kerry's resources, Kerry can produce 30 X or 30 Y. Assume the resources can be easily substituted to make either product. They are starting by using half of the resources to make each item. These relationships are shown in the following table. Use this information to answer the following questions: Kerry Product X (Xylophones) Product Y (Yams) 50 0 Pat 25 Pat make? 10 0 20 Pat make? 30 0 15 15 0 30 a. Who has an absolute advantage in producing X? Pat b. Who is a comparative advantage in producing Y? Partnership be gained from before they started trading? c. If Pat and Kerry decided to take all the gains from trade in X, how much X would 40 25 d. If Pat and Kerry decided to take all the gains from trade in X, how much X would Gain be gained from before they started trading? e. If Pat and Kerry decided to take all the gains from trade in Y, how much Y would f.…
- Why do we use general equilibrium analysis rather than partial equilibrium analysis to study comparative advantage? Explaintwo producers, person A and person B, have identical allocations of resources (40 hours of labor each) and produce only food and shelter. if we say person A has absolute advantage in shelter production, we mean that Person AWhat is the purpose of co-operative statics in economics? On which basis cooperative statics is limited?
- Suppose there are four villagers who can either raise sheep or bake bread. A sheepherder must buy a sheep for $200, raise it on the common and then sell it at the market in a nearby town. The table below shows how much a sheepherder can sell a sheep for. In the same time it takes to bring a sheep to the market, bread bakers can make a profit of $35. You will need to copy the table and fill it in as you answer the questions. A. Assuming each villager acts independently, how many sheep will be raised on the common? B. What is the total income of all four villagers? $ Part 2 Suppose you are the village elder. You no longer raise sheep or bake. Instead you sit around all day contemplating the meaning of life. One day you realize that the total profit of the village would be higher if fewer sheep were on the common. How many sheep should be on the common in order to maximize the village's profit? _______ sheep Part 3 Suppose there are two sheep on the common. A villager is…Suppose that towns collect resources from their surroundings. Then, through trade, they attempt to obtain other desirable items. Mortarville, an urban town that specializes in brick and ore, wants wood to build roads so that it can expand and connect to other major cities. Mortarville has a willingness to pay $50 for wood, since wood is hard for them to obtain Mayflair also needs wood to build grain silos for their wheat harvests. Mayflair is willing to pay $45 for wood. Timber, the only foresting company, sets the price of wood at $60. The change in total surplus that arises due to trades between Timber and the towns is John finds a set of wood in his garage which he is willing to sell for no less than $35. John chooses to sell the set to Mayflair for $40 instead of to Mortarville for $45. As a result of John's transaction with Mayflair total surplus increased, but the market is inefficient total surplus decreased, and the market is inefficient total surplus increased, and the market…What is relationships between general competitive equilibrium, pareto efficiency and equity in an economy ?