The Table Above Shows the Amounts of Cloth and Cheese

question 268

Essay

The table above shows the amounts of cloth and cheese that China and Pakistan can produce in an hour. Which country has the comparative advantage in cloth and which country has the comparative advantage in cheese? $\begin{array}{|lr|lr|}\hline\text { Omar's production in } 1&&\text { John's production in } 1\\\text { day }&&\text { day }\\\hline \text { Computers fixed } & 12 & \text { Computers fixed } & 4 \\\text { Lines of code } & 800 & \text { Lines of code } & 200 \\\hline\end{array}$

Identify the elements that make an offer effective or not.

Recognize the implications of unauthorized methods of acceptance on the validity of an offer.

Understand the concept of counteroffer and its impact on the original offer and offeror.

Comprehend how and when an offer terminates.

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Definitions:

Supply Curve

A graphical representation showing how the quantity of a good that producers are willing to supply changes as the price of the good changes.

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a particular time frame.

Supply Price

The minimum price at which a producer is willing to sell a good or service, influenced by production costs and market conditions.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at each price level.