Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is TRUE?

A) April has neither an absolute nor a comparative advantage in painting snowboards.
B) April has both an absolute and comparative advantage in painting kites.
C) April has both an absolute and comparative advantage in painting snowboards.
D) April has neither an absolute nor comparative advantage in painting kites.

C

Economics

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See the information in Scenario 4.4. Suppose P = 10, Pc = 100, Pd = 2, A = 5, and I = 50. What is the price elasticity of demand?

A) 0 B) -5/9 C) -1 D) -9/5 E) none of the above

Economics

If Q = K2L2 the MPL is

a. constant b. diminishing c. increasing

Economics