Enter Trade Cost Inputs:
The electrician can wire a house in units of time.
The electrician can panel a house in units of time.
Therefore, the electrician can do:
/ (NAN) panelings in the same time it takes to do / (NAN) rewirings.
The carpenter can rewire a house in units of time.
The carpenter can panel a house in units of time.
Therefore, the carpenter can do:
/ (NAN) panelings in the same time it takes to do / (NAN) rewirings.
Without trade, it would take the electrician units of time to rewire units of time to panel = 0.
Without trade, it would take the carpenter units of time to rewire units of time to panel = 0.
If the electrician does both rewirings, the electrician could wire both houses in 2 x = 0 units of time.
If the carpenter does both panelings, the carpenter could wire both houses in 2 x = 0 units of time.
With trade, the electrician saves 0 - 0 = 0 units of time.
With trade, the carpenter saves 0 - 0 = 0 units of time.
With trade, both parties save 0 + 0 = 0 units of time.
You have 2 free calculationss remaining
What is the Answer?
With trade, both parties save 0 + 0 = 0 units of time.
How does the Trade Cost Calculator work?
Free Trade Cost Calculator - Calculates the saved hours under the electrician/carpenter model of specializing in jobs as well as opportunity cost.
This calculator has 4 inputs.
This calculator has 4 inputs.
What 1 formula is used for the Trade Cost Calculator?
What 4 concepts are covered in the Trade Cost Calculator?
- opportunity cost
- the loss of potential gain from other alternatives when one alternative is chosen.
- time
- a point of time as measured in hours and minutes past midnight or noon
- trade
- a study of the structure of international financial interactions
- trade cost
- all the costs that the trader/investor incurs when transacting on the market, and which are deducted from the sum of money they spend when transacting
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