# 19.2 What happens when a country has an absolute advantage in all  (Page 11/11)

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You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up after themselves. You, on the other hand, can clean faster than each of them. You determine that you are 70% faster at dishes and 10% faster with vacuuming. All of these tasks have to be done daily. Which jobs should you assign to your roommates to get the most free time overall? Assume you have the same number of hours to devote to cleaning. Now, since you are faster, you seem to get done quicker than your roommate. What sorts of problems may this create? Can you imagine a trade-related analogy to this problem?

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#### Questions & Answers

define law of demand and draw demand curve
state that the higher the price of a product the lower the quantity demanded
nonduduzo
what is the price elasticity of demand a unit free measure of the sensitivity of the quantity demand to a price change?
what is normative economics
In normative economics we try to understand whether a mechanism is desirable or not.
not
Mark
consider the market for chocolate chip cookies .suppose there is an increase in the price of cake flour used in the production of chocolate chip cookies . Demonstrate graphically and explain the effects this will have on the equilibrium price and quantity of chocolate chip cookies.
what is price demand?
what is the price demand ?
Alamin
what is cardinal approach?
Alamin
importance of elasticity to an economy
what is elasticity
elasticity refers to the measurement of a percentage change of one economic variable in response to a change in another. Primarily, this percentage change will follow a change in price relative to changes in other factors.
Abdullahi
When desire of goods increases what is the respond of its prices?
Then definitely price of Good will increase, As Demand has direct relation with the price
Alam
Right
abubakar
Qd=200 and Qs=5+2p . find the equilibrium price and quantity
what is mean by 2 p
Alam
as Q is Quantity d for demand and S for supply and what is p stand for
Alam
at equilibrium quantity demand is equal to quantity supply therefore Qd=Q's 200-p=5+2p 200-5=2p+p 195=3p p = 65 thus equilibrium price is equal to 65 and equilibrium quantity is equal to 195
Wani
2 p means price of product is 2
Wani
what is de law of demand
All other things been equal, the law of states that the higher the price of a commodity the higher the quantity demanded. Vice versa
Nancy
the law of demand state that as the price of the goods increase the quantity demand decrease. considering all other factor to be constant.
Zaiveisho
Qd= 200 and Qs= -5+2p .how do you find the equilibrium price and quantity?
what are the demands of this Question ... and how do i answer it ? ... Some occupations such as nursing are vital but are paid very little .Other such as financial advisor are not vital but are paid highly. How far the economic theory explain this situation?
Is my answer correct or not?
how do we derive an engel curve?
what is sur plce price?