Mark Can Produce 24 Footballs or 48 Basketballs in 8

question 39

Short Answer

Mark can produce 24 footballs or 48 basketballs in 8 hours. Maria can produce 64 basketballs in 8 hours. In order for Maria to have a comparative advantage producing basketballs, the number of footballs she can produce in 8 hours has to be less than _____.

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Definitions:

Markup

The amount added to the cost price of goods to cover overhead and profit; the selling price minus the cost.

Final Selling Price

The last price at which a product or service is sold, after any discounts or adjustments are applied.

Retail Positioning Matrix

A strategic tool used by businesses to visualize and determine their competitive position in the market based on price and value offered.

Product Reliability

This refers to the likelihood of a product performing its intended function without failure over a specified period of time under normal conditions.