Answer: The absolute advantage in laundry is held by Steve while the comparative advantage in meal preparation is held by Mike.
Step-by-step explanation:
Absolute advantage is when an individual, firm or country can produce a good or service at a lower cost when compared to the other economic agent. When someone has absolute advantage, it means that the person uses fewer resources and spends less time in producing the good. Based on the explanation, Steve has absolute advantage in laundry since he spends two hours compared to Mike who uses 3hours.
Comparative advantage is when an individual, firm or government can produce a good or service with a lower opportunity cost when compared to the other person. Mike has a comparative advantage in the preparation of meal. It'll be better for Steve to focus his attention on laundry while Mike does the meal.
The answer is D.(1,-1) the reason is -1(y)-2*1(x)=-3 so, -1-2*1 is less than or equal to -3.
You are going to make a graph. The x-axis will represent age while the y-axis represents the amount of money spent on a night out. Graph the ordered pairs, making a scatter plot. Once you have all of the points on the graph, answer the question by saying something like "the older someone is, the less money they spend on a night out" but make sure it's accurate. (:
