Economics in Global Environment
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Details: 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 either produce 2 financial statements or answer 10 phone calls. Does either person have an absolute advantage in producing both products? Should these two planners be self-sufficient (each producing statements and answering phones) or specialize? Be sure to show your work.
Note that you are not given any initial or current production levels; you will not be able to calculate the gain from trade but you should discuss how comparative advantage is used. You do not have Francis and Phil current production levels and cannot construct a Table like Table 3.2 on page 46. The learning objective is to understand the reason for trade among people, among states, among regions and among nations. For this IP the opportunity cost should be presented with your answer based on the numerical information in this IP hide problem
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Solution Summary
The response addresses the queries posted in 693 words with references and excel file.
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The response addresses the queries posted in 693 words with references.
//As per the directions, we will talk about some of the problems related to the problem given in the question. But before proceeding towards the case; first of all, we will talk about how the productive efficiency differs. In this part, we will also talk about the viewpoint of the Absolute Advantage Theory, in order to solve the problem. So, firstly, we will write about the 'Productive Efficiency' and 'Absolute Advantage Theory' under the heading of Introduction, for example: //
Introduction:
The productive efficiency differs due to the difference in natural advantage manifests in varying climate, quality of land availability of minerals, water and other natural resources, levels of technology and skills available. According to this theory, a particular country should specialize in producing only those goods that it is able to produce with greater efficiency I.e. At lower cost and exchange those goods with other goods of their requirements from a country that produces those other goods with greater efficiency. This ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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