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Are you studying microeconomics? Then you must definitely have faced difficulty in solving the assignments and homework. This is because microeconomics is a difficult subject to study and master. But on the positive side, it has great applications in a lot of different fields. Its successful application has lured a lot of students in taking up for their majors.
The problem is, it is not always possible to grasp the meaning of difficult concepts taught in class. Comparative advantage, for example, is quite a difficult topic. If you face difficulty in solving assignment or homework, then you can seek help from comparative advantage homework help.
What is a comparative advantage?
Everyone understands absolute advantage. It is a simple calculation of all the monetary benefits acquired in a trade. But comparative advantage refers to the situation when a country is successful in producing a particular good at a price lower than the opportunity cost of another country.
This situation is not only economically beneficial for the producing country, but also other countries. A simple example to illustrate the concept better is that Portugal is able to produce wine and cloth at a much lesser cost than England.
But since England’s craftsmen were better at making clothes, cloth was exported, and wine was imported from Portugal. For more examples, you can take help from comparative advantage assignment help.
Key terms
In order to understand comparative advantage, you need to understand the associated terms in details. If you need best answers and solutions for your assignment take help from comparative advantage assignment help.
Absolute advantage:
If you are best in doing something, then you hold the absolute advantage in that particular thing. No one else can do it better than you.
Opportunity cost:
It is basically the count of what one needs to give up in order doing something. For example, if Michael Schumacher is an excellent cook, he will definitely be able to cook at a more economic and faster rate than most. But will it really benefit him from taking time off from racing and investing in cooking? The answer is no. He can gain much more benefit by racing.
So who will do the cooking? He might appoint a cook whose cooking skills might not be better than him, but comparatively good enough. Thus the cook holds a comparative advantage as Schumacher’s opportunity cost is much higher than that of the cook when it comes to cooking. For more detailed understanding visit comparative advantage homework help.
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