Which country should specialize in producing rum
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Suppose that three volunteers are preparing cookies and cupcakes for a bake sale. Who has the absolute advantage at making cookies?
In a 750 to 1,000 word paper, research, develop, and write your philosophy of education that addresses what you currently believe on the following topics.
Which worker has an absolute advantage in writing memos? Which worker has a comparative advantage in counseling clients?
Two students are assigned to work together on a project that requires both writing and an oral presentation. Who has a comparative advantage at writing?
Which country should specialize in producing rum? What are the minimum and maximum prices at which these countries will trade coffee?
Currently, Eleanor and Joanna collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week?
Draw the production possibilities frontier for each country. Suppose the countries specialize. Which country will produce cars?
Explain why investing in Kenya or Bolivia might seem riskier than investing in her own country.
Based on these two examples, explain why the marginal return to capital might be high for a rich entrepreneur and low for a poor entrepreneur.
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