auzi 9/24/2018 Table 2.1 Wnting TV Commercials (1) Refer to Table 2.1. For Kryst
ID: 1142122 • Letter: A
Question
auzi 9/24/2018 Table 2.1 Wnting TV Commercials (1) Refer to Table 2.1. For Krystal, the opportunity cost of writing one TV commercial is A) 1/4 of a poem. B) 2 poems C) 4 poems D) 6 poems a) Someone has a comparative advantage in producing a good if they can produce that good in greater quantities. B) at a lower opportunity cost. C) using more capital and less labor D) using more labor and less capital. (3) Specialization and trade are closely linked to a. b. c. d. absolute advantage comparative advantage. gains to some traders that exactly offset losses to other traders. shrinkage of the economic pie. (4) Alexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table. Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in and hour. Output per hour Street Tacos 80 100 Cuban Sandwiches 20 Alexi 30 Tony For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the production of street tacos? a. b. Assume that Alexi works 20 hours per week. Assuming Alexi is in business on his own, graph te PPF for the two production. Do the same for Tony.Explanation / Answer
1. Ans: 4 poems
Explanation:
Krystal's opportunity cost of writting 1 TV commercial = 8 / 2 = 4 Poems
2. Ans: at a lower opportunity cost
3. Ans: comparative advantage.
Explanation:
Comparative advantage is the ability of an individual or a firm or a country to carry out a particular economic activity (such as producing a good) more efficiently than another activity (i.e, producing another good).
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