The first graph presents the utility maximizing combinations of bread and brie that Hayden chooses when the price of bread is $1.00 per loaf and the price of brie is either $4.00 or $6.00 per wheel. The second graph shows Hayden's demand curve for brie, based on those utility maximizing points. What are the specific prices and quantities of brie associated with points A and B on Hayden's demand curve? Market for brie Bread (loaves) Price ($) A Demand 16 BCI BC2 7. 24 Brie (wheels) Quantity (wheels of brie) wheels per wheel quantity of brie demanded at A: price of brie at point A: $ wheels quantity of brie demanded at B: price of brie at point B: $ per wheel 26

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.