To see this ask why we outsource banana production to Costa Rica. We could grow bananas domestically, in green houses. We don't because it is much cheaper to grow bananas in Costa Rica.
Mark Perry has a nice essay explaining it.
We wrote a managerial economics textbook (Amazon, Barnes & Noble, Cengage) to teach students how to solve business problems (7 min. video). We started this blog to support those who use the book, and to keep up with developments in the field.
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