What are absolute advantage and comparative advantage? Why will resources specialize according to their comparative advantages?
• Two workers with different abilities – Absolute and Comparative Advantage – As a manager of a financial planning business you have two financial planners, Phil and Francis. In an hour, Phil can produce either one financial statement or answer 8 phone calls, while Francis can … • Intl Trade Question – Describes a simple Ricardian problem about comparative advantage • Absolute or relative advantage – As a manager of a financial planning business you have two financial planners. In one hour one can produce 1 financial statement or answer 10 phone calls, while the other planner can produce 3 financ … • Introduction to economics – As a manager of a financial planning business you have two financial planners.In an hour a person can produce 1 statement or answer 10 calls while another can produce 3 statemnets or answer 12 calls. …
