The table given below represents butter and ham production by two countries Norway and Sweden.Table 2.5
-Assume that the United States uses 20 worker-hours to produce 1 computer and 5 worker-hours to produce 1 unit of food; assume also that Japan uses 10 worker-hours to produce 1 computer and 30 worker-hours to produce 1 unit of food. Which of the following statements is true?
Definitions:
Sellers' Total Revenue
The total amount of money received by sellers from selling a certain amount of goods and services.
Total Revenue
The complete revenue a firm earns from its sales of products or provision of services within a given period.
Elastic Demand
A situation in which the quantity demanded of a product changes significantly in response to changes in the product's price.
Total Revenue
The total amount of money generated by a firm from selling goods or services within a specific period.
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