(Answered) Question - explain the following questions with examples

Economics

Question - Explain the following questions with examples and theoretical support.

a) In what way does the notion of comparative advantage help to explain that production possibilities curves are bowed outward (the principle of increasing opportunity cost)? Explain your answer in the context of the trade-off between drainpipes and butter.

b) Explain how the long-run market supply curve for a perfectly competitive industry depends on factor prices.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92481858
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question explain why a perfectly competitive firm generally

Question: Explain why a perfectly competitive firm generally does not maximize its profit by producing the output at which average cost is minimized. The response must be typed, single spaced, must be in times new roman ...

Question in 1998 japanese real gdp fell 2frac12 in spite of

Question: In 1998, Japanese real GDP fell 2½% in spite of a sharp decline in interest rates and massive increases in government spending. In terms of the IS/LM diagram, what factors must have shifted to offset the moneta ...

Question give an explanation of a threat to internal

Question: Give an explanation of a threat to internal validity and a threat to external validity in quantitative research. Next, explain a strategy to mitigate each of these threats. Then, identify a potential ethical is ...

Question a single-price monopolist whose marginal costs are

Question: A single-price monopolist whose marginal costs are zero receives a government subsidy of $1 for every unit of output it produces, but it is free to choose its price. Will the monopolist now produce an output at ...

Question identify at least two effective marketing

Question: Identify at least two effective marketing strategies for helping companies avoid "marketing blunders" for their products or services in foreign countries. Outline the pros (advantages) and cons (disadvantages) ...

Question asad model analyze the following events using the

Question: ASAD Model. Analyze the following events using the ASAD model. What happens to price, output and unemployment in the short-run, transition from the short-run to long-run, and in the long-run? How should the Fed ...

Question coke is manufactured by a publicly held company

Question: Coke is manufactured by a publicly held company. For this product predict the following: Where is the product manufactured? Given the suggested retail price of the company and using a 50% markup on price at ret ...

Question learn about current trends in servant leadership

Question: Learn about current trends in servant leadership by conducting your own research and locating an article that illustrates how the principles of servant leadership are being employed in the workplace, as part of ...

Question during 2002 the federal funds rate remained more

Question: During 2002, the Federal funds rate remained more than 1% below the rate of inflation. When that happened in 1972 and 1975, the next two business cycle peaks ended in double-digit inflation, although admittedly ...

Question is pork-barrel spending always a bad thing can you

Question: Is pork-barrel spending always a bad thing? Can you think of some examples of pork-barrel projects, perhaps from your own district, that have had positive results? The response must be typed, single spaced, mus ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert