Describe how your own personal skill sets render you to have both Absolute and Comparative Advantages...

Describe how your own personal skill sets render you to have both Absolute and Comparative Advantages in certain areas. Yes, brag here…I want you to identify your absolute talents, then expound on what areas where you possess a comparative advantage-they should be less than Absolute.

Finally, identify how your comparative advantage skill set will help you in defining what career (job is a dirty word) choices are available to you.

Note: We strive for “career” security not necessarily “job” security. The former is portable, assuming one has a plethora of skills that are applicable in many different areas (i.e. read “employability”) Jobs are great, but often they are more specialized in nature (which can be a good thing) but the tasks performed and human capital investment required sometimes have little premium in a global environment of business. “Grey hair” talking :)

Finally, answer what are the various types of Elasticity measurements utilized by economists?

Expert Solution

I have good Presentation, Relationship Building and Communication Skills. These skills help me in my personal and professional life.

Relationship building and Communication skills help me develop good relationship with my friends and relatives and the bonding becomes stronger and stronger. Presentation skills help me grow in my career.

Relationship building is an absolute advantage as it influences my personal relationship with others. Presentation and Communication skills provide me comparative advantage as I am able to excel better in my career compared to other colleagues.

Management and Academic jobs require the people who are good in communication and presentation skills and it helps a person grow and develop in these areas.

Various types of elasticity measurements utilized by economists are as :

Elasticity measurement by Percentage : It s measured by Percentage Change in Quantity Demanded / Percentage Change in Price

=

Elasticity Measure by Mid Point (Average Method) : Avaerage of the Change in Quantity Demanded / Average of the Change in price

=

Rahul Sunny answered 2 years ago

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