subject
Business, 02.07.2019 22:30 jaidalynkimora

Urgent i'll make you brainlist and 90 economics if you recall from earlier lessons, opportunity cost is the value of the next best alternative. if you were to ask an economist why they believed lebron james chose not to attend college and play college basketball they would likeley answer this question by stating that the opportunity cost of college (making millions in the nba) was too high for james. in this lesson you learned that comparative advantage is the ability to produce something at a lower opportunity cost than other producers. therefore, the law of comparative advantage an individual, firm, region or country with the lowest opportunity cost of producing a good should specialize in that good. you have also learned that absolute advantage is the ability to produce something using fewer resources than other producers. applying these concepts provide your analysis of who has comparative advantage and absolute advantage according to the scenario facts below: 1. assume lebron is both a great basketball player and a great lawn mower. however, lebron has a young neighbor named scotty who is willing to mow his lawn. 2. lebron can mow his lawn in two hours. he could also film a nike commercial in two hours and make $10,000. so, james' opportunity cost of mowing his lawn is $10,000. 3. neighbor scotty can mow lebron's lawn in four hours. he could also work at mcdonald's for four hours and make $8 per hour. so, scotty's opportunity cost of mowing lebron's lawn is $32. question(s) towho has an absolute advantage in mowing the lawn? who has comparative advantage in mowing the lawn? could both benefit from a trade? if yes, explain how this could happen. provide your anwer in thorough and complete sentences

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 02:30
Atax on the sellers of coffee will a. increase the price of coffee paid by buyers, increase the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. b. increase the price of coffee paid by buyers, increase the e ffective price of coffee received by sellers, and decrease the equilibrium quantity of coffee. c. increase the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. d. increa se the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and decrease the equilibrium quantity of coffee.
Answers: 3
question
Business, 22.06.2019 03:00
1) u.s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u.s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.
Answers: 2
question
Business, 22.06.2019 07:30
Which of the following best describes why you need to establish goals for your program?
Answers: 3
question
Business, 22.06.2019 16:20
The following information relates to the pina company. date ending inventory price (end-of-year prices) index december 31, 2013 $73,700 100 december 31, 2014 100,092 114 december 31, 2015 107,856 126 december 31, 2016 123,009 131 december 31, 2017 113,288 136 use the dollar-value lifo method to compute the ending inventory for pina company for 2013 through 2017.
Answers: 1
You know the right answer?
Urgent i'll make you brainlist and 90 economics if you recall from earlier lessons, opportunity co...
Questions
question
Mathematics, 04.04.2021 01:00
question
Mathematics, 04.04.2021 01:00
question
Mathematics, 04.04.2021 01:00
question
Arts, 04.04.2021 01:00
question
Mathematics, 04.04.2021 01:00
Questions on the website: 13722363