Draw a production possibility frontier
What are the opportunity costs of producing one more sheep in terms of oil for possibilities B, C, and D?
Opportunity cost refers to the foregone as a result of selecting the alternative option. For instance, one can to forego rearing sheep……..
What are your opportunity costs of water and dates?
The opportunity cost of gathering dates in a week is losing 150 liters of water. This is because 150 liters of water is produced in a week in 3 days a week.
The opportunity cost of collecting…………..
What are Mohammed’s opportunity costs of water and dates?
The opportunity cost…….
Who has an absolute advantage in dates and water production and who has a comparative advantage in dates and water production?
Mohamed has an absolute advantage in because he has the ability to gather more dates and collect more water using the same number of days…………
What is going to happen to the equilibrium price and equilibrium quantity if, in addition to the draught in Brazil, a global recession reduces the demand for coffee beans.
Since economic recession…………..