Advantage in producing wine
Spain can produce 125 barrels of wine or 250 bottles of olive oil per day. Italy can produce 240 barrels of wine or 300 bottles of olive oil per day.
Who has the absolute advantage in producing wine? Who has the absolute advantage in producing olive oil?
What is Spain's opportunity cost of producing one barrel of wine? What is Spain's opportunity cost of producing one bottle of olive oil?
What is Italy's opportunity cost of producing one barrel of wine? What is Italy's opportunity cost of producing one bottle of olive oil?
Who has the comparative advantage in producing wine? Who has the comparative advantage in producing olive oil?
A person invest $10,000 into an account that earns 6% in interest over 20 years.
How much will this person make if the account earns simple interest?
How much will this person make if the account earns compound interest?
Do you think super PACs benefit society or make things worse? Explain."
Sample Solution
Intellectual Property is the oil of the 21st Century” – Mark Getty. This statement holds true in today’s day and age. Intellectual Property is gaining importance at an exponential rate as the days go by. Today, intellectual property laws offer immense protection to the owners and their rights over such properties, in turn enabling them to commercialise such creations of their minds. Furthermore, some of the biggest businesses in the world, including the likes of Apple Inc. rely heavily on the protection offered by Intellectual Property Right Laws. However, there seems to be a lacuna as far as protection to non-conventional forms of intellectual property is concerned. This article sums the status of non-conventional trade marks in India and other jurisdictions.