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Michael and Angelo Are Both Artists Who Can Create Sculptures

question 64

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Michael and Angelo are both artists who can create sculptures or paint paintings each day.The following table describes their maximum outputs per day.Does either person have an absolute advantage? Michael and Angelo are both artists who can create sculptures or paint paintings each day.The following table describes their maximum outputs per day.Does either person have an absolute advantage?   A) Yes,Michael has an absolute advantage in both sculptures and paintings. B) Yes,Angelo has an absolute advantage in both sculptures and paintings. C) Yes,Michael has an absolute advantage in paintings,and Angelo has an absolute advantage in sculptures. D) Yes,Michael has an absolute advantage in sculptures,and Angelo has an absolute advantage in paintings. E) No,neither has an absolute advantage.


Definitions:

Maximizing Utility

The economic principle aiming to achieve the highest level of satisfaction possible with available resources.

Price

The cost at which something is being sold, reflecting the value that consumers or purchasers assign to a good or service.

Utility

An economic term referring to the total satisfaction received from consuming a good or service.

Marginal Utility

The increased gratification or utility derived from the consumption of an extra unit of a good or service.

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