Figure 3-1 
-Refer to Figure 3-1. What do the two producers have an absolute advantage in?
Definitions:
Mark-Up Percentage
An added percentage to the buying price of products intended to cover both operational costs and earnings.
Total Variable Cost
The total of all costs that vary directly with the level of output, such as materials and labor costs that increase as more units are produced.
Cost-Plus Pricing
An approach to pricing in which the final selling price is set by adding a predetermined markup to the cost of a single unit of the product.
Variable Manufacturing Cost
Refers to costs that vary directly with the level of production output, including materials, labor, and utility costs.
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