Question

I really need help

Answer 1

question?

Answer 2

https://s1.postimg.org/5l7dj8pof3/Capture.png

Answer 3

@Vocaloid need help

Answer 4

Economics, ooh

Answer 5

need help

Answer 6

Ok, I have the math worked out. Just checking the definitions

Answer 7

Comparative advantage is when you look at the opportunity cost of each person and see who produces more peaches per nectarines, and who produces more nectarines per peaches.

You get that with a bit of math.

Where n = nectarines and p = peaches
Lorraine: 250n = 200p
5n = 4p
n
\[p = \frac{ 5 }{ 4 }n\]

\[n = \frac{ 4 }{ 5 } p\]

What this is saying is, for every peach, Lorraine can produce 5/4 of a nectarine. And for every nectarine, Lorraine can produce for 4/5 of a peach.

This shows that Lorraine is better at producing nectarines than peaches. In order to make it comparative, lets do the math for Jake.

Jake: 100n = 150p
2n = 3p

\[p = \frac{ 2 }{ 3 }n\]

\[n = \frac{ 3 }{ 2 }p\]

This shows that for every peach, Jake produces 2/3 of a nectarine. And for every nectarine, Jake produces 3/2 of a peach.

This shows that Jake is better at producing peaches than he is at producing nectarines.

After all this, we can say that Lorraine has the comparative advantage when it comes to producing nectarines, and Jake has the comparative advantage when it comes to producing peaches.

Answer 8

Lorraine has the absolute advantage because given that they are each only one employee strong (themselves), Lorraine can produce far more of both peaches and nectarines.

Answer 9

Since business is competitive and you must play to your strengths, given the calculated opportunity costs that is shown above, Lorraine should specialize in nectarines given:

\[p = \frac{ 5 }{ 4 }n\]

and Jake should specialize in peaches given:

\[n = \frac{ 3 }{ 2 }p\]

Answer 10

Let me know if you need any further help.

Answer 11

check my answers?