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ZiggyOtaku Offline
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Microeconomics help? - September 11th 2009, 02:41 PM

I go to an online college and I just recently started a microeconomics class. We have discussion questions each week where we have until a certain time to make an initial post answering the question and then a few days extra to respond to others responses and have a discussion about it. I guess it's the schools way of making class participation.

Anyway, I'm the only person who has responded to the question and I'm worried I got it wrong. Nobody else has posted what they thought of the question or responded to mine and I wanted to see if anyone could help.

Quote:
In your own words, define absolute advantage and comparative advantage. Provide one or more examples in your answers.

Due Sunday at Midnight (CST)
25 points
I submitted:
From my understanding with Mankiw (2006) comparative advantage would be where there's two ways to measure the difference in costs of production. Such as, the time it takes to produce a number of a product. Then the other way to measure is giving up one item to obtain another (opportunity cost).

Absolute advantage would be taking people, producers, firms, etc, who produce the same item and whoever can do it using the least amount of output, time, etc obtains the absolute advantage.

Ill use an example of how the household works between my boyfriend and I until I can find a job. As of right now my boyfriend works and provides money and does a trade off with me for I keep the house clean and cook food while I attend school. He works to provide which creates an opportunity cost and in turn for I help him live a better lifestyle.

My boyfriend would have the absolute advantage of being able to afford the home and food, but would not be as productive with the variety of meals and more than likely have an unkempt apartment. Therefore it is more productive having me around. Plus, were rather fond of each other.


Reference List

Mankiw, G. (2006). Principles of Microeconomics (Ch 1 & 3 [Online Presentation]). Oklahoma: South-Western Pub.


What do you guys think? Does it make sense?
*edit*
I thought I should add:
Without my boyfriend I could not produce a clean home or cook a variety of foods, due to the fact that I would be without either. So to be productive I would use have an opportunity cost with him: A home in exchange for cleanliness and food preparation.

Neither of us would make much of a profit without each other so we in turn both profit from each other.




Last edited by ZiggyOtaku; September 11th 2009 at 02:50 PM.
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Re: Microeconomics help? - September 11th 2009, 03:26 PM

It seems okay, comparative advantage could be slimmed down to -
The person, firm, etc that has the smallest opportunity cost in producing something or providing a service has the comparative advantage.

The major thing to think about when it comes to econ is that answers are meant to be straight forward, to the point, no fluff = ] Lots of people are thrown off by it because they're used to explaining answers in excess.



   
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