International Economics. Ricardian Model of Comparative Advantage
|
|
|
- Julian French
- 6 years ago
- Views:
Transcription
1 Lecture 3 : Lecture 3 Ricardian Model of Comparative Advantage Arman Gabrielyan ATC, February 10,
2 Comparative advantage on the island Ricardo s idea on the island Samo& Lilo 2
3 Comparative advantage on the island Ricardo s idea on the island Water 2 Fish 2 Samo&Lilo 3
4 Comparative advantage on the island Ricardo s idea on the island Humans, unlike Econs, have emotions. That is why Rubois telling Nato This may not be the best time to tell you, but I never want to see you again. Samo& Lilo Rubo&Nato Water 2 3 Fish 2 6 4
5 Comparative advantage on the island Samo&Lilo Rubo& Nato Water 2 3 Fish = 4 5
6 Comparative advantage vs. intelligent people Comparative advantage is the best example of an economic principle that is undeniably true yet not obvious to intelligent people. Paul Samuelson 6
7 Model Assumptions 6. Factors are perfectly mobile within a country 8. But immobile between countries factors are homogeneous, and freely and costlesslymobile between industries within a country, but are immobile between countries Factor mobility implies LONG-RUN For labor, it may require the passage of a generation. For capital, it requires depreciation, followed by new investments. 7
8 Model Assumptions 9. There are no trade barriers and transport costs 8
9 Model Assumptions 10. Trade is balanced 9
10 Model Assumptions 11. Labor is the only factor of production 2. 1 x 2 x 2 10
11 Model Assumptions 12. Constant returns to scale Doubling the inputs doubles the output. 11
12 Ricardo s model Amount of labor required to produce one unit output 1 liter brandy 1 ton grain Armenia 3 9 Russia 2 3 Definition #1: A nation has a comparative advantage in the product, in which its absolute advantage is higher, or absolute disadvantage is lower. 12
13 Ricardo s model Amount of labor required to produce one unit output 1 liter brandy 1 ton grain Armenia 3 9 Russia 2 3 Opportunity cost of one unit output 1 liter brandy 1 ton grain Armenia 0.33(=3/9) 3 (=9/3) Russia 0.67 (=2/3) 1.5(=3/2) Definition #2: A nation has a comparative advantage in the product, in which its opportunity cost is lower. 13
14 Ricardo s model Amount of labor required to produce one unit output 1 liter brandy 1 ton grain Armenia 3 9 Russia 2 3 Gains from specialization in line with Comparative Advantage 1 liter brandy 1 ton grain Armenia +3-1 Russia
15 Comparative advantage in action I am relatively good at sticks I am relatively good at rocks Already years ago in Armenian highland Shmo and Smo discovered profitable trade opportunities: one of them was relatively good at sticks, the other at rocks. 15
16 Ricardo s model Production Possibilities Frontiers Q g Armenia Q g Russia 6 PPF slope = opportunity cost of brandy = 3/9 = PPF slope = opportunity cost of brandy = 2/3= Q b 60 Q b Amount of labor required to produce one unit output and labor endowment 1 liter brandy 1 ton grain Total labor Armenia Russia
17 Ricardo s model Autarky Equilibrium Q g Armenia Q g Russia PPF slope = opportunity cost of brandy = autarky relative price = PPF slope = opportunity cost of brandy = autarky relative price = CIC A (community indifference curve) CIC B (community indifference curve) 18 Q b 60 Q b 17
18 Ricardo s model Free Trade Equilibrium Q g Armenia Q g Russia Q b 60 Q b Terms of tradeis the relative price of exports in terms of imports. Terms of trade rests in between the two autarkic relative prices < Terms of Trade <
19 Ricardo s model Free Trade Equilibrium Q g Armenia Q g Russia 40 6 Trade triangles 18 Q b Due to Constant returns to scaleand One factor of production, opportunity cost is constant and PPF is a straight line. 60 Q b Therefore, in free trade equilibrium each country is completely specializing in its comparative advantage product. 19
20 Ricardo s idea in plain English Ricardo s idea in plain English If you are smart in everything, then do whatever you are smartest of all. If you are stupid in everything, then do whatever you are leaststupid of all. 20
21 Ricardo s model Gains from Trade Q g Q b Higher Community Indifference Curve Higher Real GDP 21
22 Relative wages in Ricardo s model Relative wages Prices in Armenia Prices in Russia P ba = 3w A P ga = 9w A P br = 2w R P gr = 3w R In competitive markets prices are equal to factor costs. In Ricardo s model we have just one factor: labor, so price is equal to unit labor requirement multiplied by wage. In each country wages in both industries are the same, because factor is perfectly mobile within countries. Wages differ between countries, because factor is perfectly immobile between countries. Amount of labor required to produce one unit output 1 liter brandy 1 ton grain Armenia 3 9 Russia
23 Relative wages in Ricardo s model Relative wages Prices in Armenia Prices in Russia P ba = 3w A P ga = 9w A P br = 2w R P gr = 3w R Trade is possible only when exporting country price is less than importing country price. So price of brandy in Armenia is less than its price in Russia. The opposite is true for grain. P ba < P br P ga > P gr 3w A <2w R 9w A >3w R 2/3 >w A /w R > 1/3 1.5 < w R /w A < 3 23
24 Relative wages in Ricardo s model Relative wages 2/3 > w A /w R > 1/3 1.5 < w R /w A < 3 Russia has a comparative advantage in grain, Armenia in brandy. But because Russia has absolute advantage in both brandy and grain, Russian wages should be higher. Specifically, Russian wages should be from 1.5 to 3 times higher, than Armenian wages. Otherwise the trade will not be profitable. If Russian wages would be more than 3 times higher, then Russian grain will not be competitive in Armenian market. If Russian wages would be less than 1.5 times higher, then Armenian brandy will not be competitive in Russian market. 24
25 Relative wages in Ricardo s model Relative wages 2/3 > w A /w R > 1/3 1.5 < w R /w A < 3 Competitive advantage depends not only on relative productivity, but also on relative wages. 25
26 Wages around the world Relative wages in Ricardo s model 2013, USD 2013, USD Norway 66 Greece 19 Switzerland 63 Czech Rep. 12 Germany 49 Poland 9 France 43 Mexico 7 US 36 Philippines 2.1 Singapore 24 Russia (2016 Nov.) 2.7 Armenia (2016 Dec.) 2.2 Hourly compensation costs in manufacturing in 2013 in USD: includes direct pay, social insurance expenditures, and labor-related taxes. Source: The Conference Board. The estimate for Armenia & Russia is based on Armstat& Rosstatdata of 221,835 AMD & 36,195 RUB average wage in 2016 Dec & Nov respectively. 26
27 Thank you Thank you and enjoy. But remember Confucius words Learning without thinking is useless. 27
EC2004: International Trade Revision Topics.
1. Basic concepts: absolute advantage; EC2004: International Trade Revision Topics. comparative advantage (CA); opportunity cost (OC); economies of scale (EOS); factor intensity; factor abundance. 2. Basic
International Economics, 9e (Husted/Melvin) Chapter 2 Tools of Analysis for International Trade Models. 2.1 Multiple-Choice Questions
International Economics, 9e (Husted/Melvin) Chapter 2 Tools of Analysis for International Trade Models 2.1 Multiple-Choice Questions 1) analysis by economists refers to the attempt to answer questions
58.5% 17.3% 17.0% 7.1%
CHAPTER 7 - INTERNATIONAL TRADE THEORY In the first chapter of the book, we examined the nature of the global economy. We saw that the nations of the world are becoming more economically interdependent.
L2 Efficiency, Opportunity Cost, PPF
L2 Efficiency, Opportunity Cost, PPF Pareto Efficiency: A state in which it is impossible to make at least one individual better off without hurting the others. The action that makes at least one individual
Chapter 8. Firms in the Global Economy
Chapter 8 Firms in the Global Economy Summary 1. Introduction International trade is an important economic activity 2. General equilibrium model There are welfare gains from trade whenever relative prices
Lecture 7 International Trade, Econ 181 Hecksher Ohlin Model (Long Run Model)
Lecture 7 International Trade, Econ 181 Hecksher Ohlin Model (Long Run Model) I. Finishing up on the Specific Factor Model II. Introducing The Hecksher Ohlin Model Assumptions: 2 countries, 2 sectors (food,
Chapter 3 EXPANDED GAINS FROM TRADE WITH RESOURCE MOVEMENTS
Chapter 3 EXPANDED GAINS FROM TRADE WITH RESOURCE MOVEMENTS Chapter 2 presented the simplest model of production and trade. Countries received endowments of final goods, which they either consumed or exchanged
Chapter 5 Resources and Trade: The Heckscher-Ohlin Model
Chapter 5 Resources and Trade: The Heckscher-Ohlin Model Preview Production possibilities Changing the mix of inputs Relationships among factor prices and goods prices, and resources and output Trade in
Chapter 3: Interdependence and the Gains from Trade. Ch. 3: Interdependence and the Gains from Trade
Ch. 3: Interdependence and the Gains from Trade Interdependence: every day you rely on many people from around the world, most of whom you ve never met, to provide you with the goods and services you enjoy.
Preview. Introduction. Chapter 5. Resources and Trade: The Heckscher-Ohlin Model
Chapter 5 Resources and Trade: The Heckscher-Ohlin Model Preview Production possibilities Changing the mix of inputs Relationships among factor prices and goods prices, and resources and output Trade in
Chapter 5: A Closed-Economy One-Period Macroeconomic Model
Chapter 5: A Closed-Economy One-Period Macroeconomic Model Introduce the government. Construct closed-economy one-period macroeconomic model, which has: (i) representative consumer; (ii) representative
Study Questions. Lecture 4 Modern Theories and Additional Effects of Trade
Study Questions Page 1 of 6 Study Questions Lecture 4 and Additional Effects of Trade Part 1: Multiple Choice Select the best answer of those given. 1. Which of the following is not a possible cause of
Econ 340. Outline. Lecture 4 Modern Theories and Additional Effects of Trade. Sources of Comparative Advantage. Sources of Comparative Advantage
Outline Econ 340 Lecture 4 Modern Theories and Additional The ew ew Trade Theory Lecture 4: Modern Theories 2 Sources of Comparative Advantage What determines comparative advantage? Answer: Many things
Why do Countries Trade? Part II
Why do Countries Trade? Part II AED/IS 4540 International Commerce and the World Economy Professor Sheldon sheldon.1@osu.edu Adam Smith and Absolute Advantage Adam Smith (1776) writing in the Wealth of
Charles van Marrewijk, 2017 International Trade Oxford University Press
Review questions Chapter 1 QUESTION 0-1 The difference between GDP converted by the current and the PPP exchange rate can be illustrated with a simple example. Assume that Germany and Poland both produce
Macroeconomics Sixth Edition
N. Gregory Mankiw Principles of Macroeconomics Sixth Edition 2 Thinking Like an Economist Premium PowerPoint Slides by Ron Cronovich In this chapter, look for the answers to these questions: What are economists
The Heckscher Ohlin Model
Econ 165 Winter 2002/03 Setup of the model: The Heckscher Ohlin Model 2 factors: skilled labor S and unskilled labor U Stanford University Gerald Willmann 2 commodities/sectors: hightech H and lowtech
Lecture 10: THE AD-AS MODEL Reference: Chapter 8
Lecture 10: THE AD-AS MODEL Reference: Chapter 8 LEARNING OBJECTIVES 1.What determines the shape of the aggregate demand (AD) curve and what factors shift the entire curve. 2.What determines the shape
Economics. Thinking Like An Economist. The Economist as Scientist. In this chapter, look for the answers to these questions: N.
C H A P T E R 2 Thinking Like An Economist P R I N C I P L E S O F Economics N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich 29 South-Western, a part of Cengage Learning, all rights reserved
International Trade: Economics and Policy. LECTURE 6: Absolute vs. Comparative Advantages (continued)
Department of Economics - University of Roma Tre Academic year: 2016-2017 International Trade: Economics and Policy LECTURE 6: Absolute vs. Comparative Advantages (continued) International Trade Equilibrium
Lesson 10: Specific-Factors Model (continued)
International trade in the global economy 60 hours II Semester Luca Salvatici luca.salvatici@uniroma3.it Lesson 10: Specific-Factors Model (continued) 1 1 Specific-Factors Model The Home Country Opportunity
foundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS
foundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS Detailed contents Preface How to use this book About the Online Resource Centre Guided tour of Dashboard Acknowledgements
AGEC 603. Location, Location, Location. What is Trade? Introduction to Location Theory. Perfect competition
AGEC 603 Introduction to Location Theory Location, Location, Location Perfect competition Land resources fixed location Distance from market Costs land products to market Costs capital and labor to the
Using Elasticity to Predict Cost Incidence. A Definition & A Question. Who pays when payroll tax added to wage rate?
Using Elasticity to Predict Cost Incidence A Definition & A Question Definition of Incidence: the fact of falling upon; in this case, where costs fall A Question for you what does a statement like this
Econ 2113: Principles of Microeconomics. Spring 2009 ECU
Econ 2113: Principles of Microeconomics Spring 2009 ECU Chapter 12 Monopoly Market Power Market power is the ability to influence the market, and in particular the market price, by influencing the total
ECON 230-D2-002 Version 2. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
ECON 230-D2-002 Version 2 Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The two largest auto manufacturers, Toyota and GM, have experimented
ECON MACROECONOMIC PRINCIPLES Instructor: Dr. Juergen Jung Towson University. J.Jung Chapter Introduction Towson University 1 / 69
ECON 202 - MACROECONOMIC PRINCIPLES Instructor: Dr. Juergen Jung Towson University J.Jung Chapter 2-4 - Introduction Towson University 1 / 69 Disclaimer These lecture notes are customized for the Macroeconomics
1. If the per unit cost of production falls, then... A.) the supply curve shifts right (or down)
1. If the per unit cost of production falls, then... A.) the supply curve shifts right (or down) B.) there is a downward movement along the existing supply curve which does not shift C.) the supply curve
1 of 14 5/1/2014 4:56 PM
1 of 14 5/1/2014 4:56 PM Any point on the budget constraint Gives the consumer the highest level of utility. Represent a combination of two goods that are affordable. Represents combinations of two goods
Part II: Economic Growth. Part I: LRAS
LRAS & LONG-RUN EQUILIBRIUM - 1 - Part I: LRAS 1) The quantity of real GDP supplied at full employment is called A) hypothetical GDP. B) short-run equilibrium GDP. C) potential GDP. D) all of the above.
Chapter 6 TRADE AND LOCAL INCOME DISTRIBUTION: THE SPECIFIC FACTORS MODEL
Chapter 6 TRADE AND LOCAL INCOME DISTRIBUTION: THE SPECIFIC FACTORS MODEL One of the main implications of the Ricardian model is that everyone is better off with free trade. Workers can earn higher wages
COMPARATIVE ADVANTAGE YAO PAN
COMPARATIVE ADVANTAGE YAO PAN FREE TRADE: VIETNAM & EU 2/16 THEORIES OF INTERNATIONAL TRADE Trade based on differences: in technologies: Ricardo in factor endowments: Hecksher-Ohlin(H-O) èinter-industry
, Z.~ ( 2) 11= ~1ft ;f: -m; :t Jjo':JJ!
~PJT~JJU : ~~iej\~iijfjefijtetl, Z.~ ~~f4 : ~!~~ ilfilii:bm: 0224 ~*: 2 ~.t. ;t : ( 1) 1!-ft{:JJ! ~J(;JiiJUf 11o ~ ( 2) 11= ~1ft ;f: -m; :t Jjo':JJ! (20 11--)I. M~.rJ. r ~ tiij (!)Law of comparative advantage
Worksheet for world asbestos consumption calculations
Worksheet for world asbestos consumption calculations Apparent consumption calculation made using production data available on 6-8-2015 from the USGS and trade data available on 6-5-2015 from the United
Econ 1 Review Session 1. with Maggie aproberts-warren UCSC Fall 2012
Econ 1 Review Session 1 with Maggie aproberts-warren UCSC Fall 2012 Introduction What will be covered in the exam? Chs. 1-8 What will the exam look like? 20 multiple choice questions 4 short answer/graphing
Evolution of Production Network: Measuring Trade in value-added (TiVA)
Evolution of Production Network: Measuring Trade in value-added (TiVA) Norihiko YAMANO Directorate for Science Technology and Industry, OECD Working Party on Globalisation of Industry Committee on Industry,
Economics. In an economy, the production units are called (a) Firm (b) Household (c) Government (d) External Sector
Economics The author of the book "The General Theory of Employment Interest and Money" is (a) Adam Smith (b) John Maynard Keynes (c) Alfred Marshall (d) Amartya Sen In an economy, the production units
The Economics of Labor Markets. salary
The Economics of Labor Markets salary Factors of Production Factors of production are the inputs used to produce goods and services. The Market for the Factors of Production The demand for a factor of
The Ricardian Model, the Intra-Industry Trade and the Structural Adjustment Path for the Portuguese Economy 1 *
1 The Ricardian Model, the Intra-Industry Trade and the Structural Adjustment Path for the Portuguese Economy 1 * Horacio Crespo Faustino December 1992 Introduction The analysis of intra-industry trade
Part I: PPF, Opportunity Cost, Trading prices, Comparative and Absolute Advantage
Economics 101 Spring 2018 Homework #2 Due Thursday, February 22, 2018 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name, and section number on top
14.01 Fall 2010 Problem Set 6 Solutions
4.0 Fall 00 Problem Set 6 Solutions. (0 points) In Cambridge, shoppers can buy apples from two sources: a local orchard, and a store that ships apples from out of state. The orchard can produce up to 50
Lesson-28. Perfect Competition. Economists in general recognize four major types of market structures (plus a larger number of subtypes):
Lesson-28 Perfect Competition Economists in general recognize four major types of market structures (plus a larger number of subtypes): Perfect Competition Monopoly Oligopoly Monopolistic competition Market
Interdependence and Trade. Interdependence and the Gains from Trade. Interdependence and Trade. Interdependence and Trade.
Interdependence and Trade Interdependence and the Gains from Trade Chapter 3 All rights reserved. Copyright 001 by Harcourt, Inc. Requests for permission to make copies of any part of the work should be
Unit 2 Economic Models: Trade-offs and Trade
Unit 2 Economic Models: Trade-offs and Trade Objectives Why models simplified representations of reality play a crucial role in economics Two simple but important models: the production possibility frontier
In this chapter, look for the answers to these questions
In this chapter, look for the answers to these questions What are economists two roles? How do they differ? What are models? How do economists use them? What are the elements of the Circular-Flow Diagram?
Managerial Economics Prof. Trupti Mishra S.J.M School of Management Indian Institute of Technology, Bombay. Lecture -29 Monopoly (Contd )
Managerial Economics Prof. Trupti Mishra S.J.M School of Management Indian Institute of Technology, Bombay Lecture -29 Monopoly (Contd ) In today s session, we will continue our discussion on monopoly.
Ways to Improve Environmental Policy in Russia
Institute of Economics IE SB RAS, Novosibirsk State University Russia Tagaeva T., Gilmundinov V. Ways to Improve Environmental Policy in Russia Inforum 2014 Conference, Alexandria, USA Outline Topicality
ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 7, 2013 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number
International business chapter 5 AN OVERVIEW OF TRADE THEORY. The benefits of trade. The pattern of International Trade.
International business chapter 5 AN OVERVIEW OF TRADE THEORY. Free trade: Refers to a situation where a government does not attempt to influence (through quotas or duties) what its citizens can buy from
Chapter Five. International Trade Theory
Chapter Five International Trade Theory Overview of Trade Theory 5-3 Free Trade occurs when a government does not attempt to influence, through quotas or duties, what its citizens can buy from another
+ What is Economics? societies use scarce resources to produce valuable commodities and distribute them among different people
ECONOMICS The word economy comes from a Greek word oikonomia for one who manages a household. is the study of how society manages its scarce resources. Traditionally land, labor, and capital resources
The exam has a total of 50 questions (100 points). You will have 75 minutes to complete the exam. Good Luck!
Econ 111 Practice Midterm 1 The exam has a total of 50 questions (100 points). You will have 75 minutes to complete the exam. Good Luck! Print your Name Sign the honor Pledge affirming that you have neither
Making choices in a world of scarcity means we must pass up some goods and services. Every decision we make is a trade-off:
Lecture Notes Chapter 1 - The Art and Science of Economic Analysis Introduction Economics is about choices. Definition: Scarcity: A resource is scarce when it is not freely available - when its price exceeds
Paul Krugman and Robin Wells. Microeconomics. Third Edition. Chapter 8 International Trade. Copyright 2013 by Worth Publishers
Paul Krugman and Robin Wells Microeconomics Third Edition Chapter 8 International Trade Copyright 2013 by Worth Publishers 1. A few fast facts: A. Relative to 1960, trade with other countries has become
Chromatography Column Performance and Data Analysis Success Guide. Hints and Tips for Better Purifications
Chromatography Column Performance and Data Analysis Success Guide Hints and Tips for Better Purifications This Chromatography Success Guide provides practical advice on preparative chromatography and protein
ECON 102 Kagundu Final Exam (New Material) Practice Exam Solutions
www.liontutors.com ECON 102 Kagundu Final Exam (New Material) Practice Exam Solutions 1. A A large number of firms will be able to operate in the industry because you only need to produce a small amount
And Then The World Grew
Towers Watson Data Services of CEE Reward & Labor Trends Darryl Davis November 13, 2015 Sofia, Bulgaria 2015 Towers Watson. All rights reserved. Agenda The Challenge of Traditional CEE Reward Analysis
Labor markets and wage determination
Labor markets and wage determination LABOR, WAGES, AND EARNINGS Wages Defined... Wages - - Salary - - Earnings Wage Rate Nominal Wages Real Wages International differences... GLOBAL PERSPECTIVE Hourly
General Equilibrium and the Efficiency of Perfect Competition
Chapter 12 General Equilibrium and the Efficiency Prepared by: Fernando & Yvonn Quijano 2007 Prentice Hall Business Publishing Principles of Economics 8e by Case and Fair General Equilibrium and the Efficiency
Macroeconomics Sixth Edition
N. Gregory Mankiw Principles of Macroeconomics Sixth Edition 3 Interdependence and the Gains from Trade Premium PowerPoint Slides by Ron Cronovich In this chapter, look for the answers to these questions:
Lecture 5: Sources of Comparative Advantage
Lecture 5: Sources of Comparative Advantage Today s Plan Housekeeping Reading quiz Simon-Ehrlich Wager Sources of Comparative Advantage Winners and Losers with Countries Housekeeping Next Monday (September
FINALTERM EXAMINATION FALL 2006
FINALTERM EXAMINATION FALL 2006 QUESTION NO: 1 (MARKS: 1) - PLEASE CHOOSE ONE Compared to the equilibrium price and quantity sold in a competitive market, a monopolist Will charge a price and sell a quantity.
Practice Test for Midterm 2 Econ Fall 2009 Instructor: Soojae Moon
Practice Test for Midterm 2 Econ 2010-200 Fall 2009 Instructor: Soojae Moon Please read carefully and choose the choice that best completes the statement or answers the question. Table 7-2 This table refers
2016 M O B I L E I N T H E P A T H T O P U R C H A S E : CLOTHES & FOOTWEAR
2016 M O B I L E I N T H E P A T H T O P U R C H A S E : Method & background PURPOSE SHOW HOW SMARTPHONES ARE USED FOR PRODUCT RESEARCH IN GENERAL AND IN MOMENTS THAT MATTER UNIVERSE ONLINE POP 16+ WHO
Total Costs. TC = TFC + TVC TFC = Fixed Costs. TVC = Variable Costs. Constant costs paid regardless of production
AP Microeconomics Total Costs TC = TFC + TVC TFC = Fixed Costs Constant costs paid regardless of production TVC = Variable Costs Costs that vary as production is changed Cost TFC TVC TFC Output Profit
6) The mailing must be postmarked by June 15. 7) If you have any questions please me at
Examination Instructions: 1) Answer the examination only after you have read the honesty pledge below. 2) The multiple choice section will be taken in WebCT and a tutorial for using WebCT is to be found
Walter Nicholson, Amherst College Christopher Snyder, Dartmouth College PowerPoint Slide Presentation Philip Heap, James Madison University
Intermediate Microeconomics and Its Application 11th edition by Walter Nicholson, Amherst College Christopher Snyder, Dartmouth College PowerPoint Slide Presentation Philip Heap, James Madison University
Econ 201 Review Notes - Part 3
Econ 201 Review Notes - Part 3 This is intended as a supplement to the lectures and section. It is what I would talk about in section if we had more time. After the first three chapters where we talked
Knowledge for Africa s Development: Innovation, Education, and Information and Communications Technologies Johannesburg, South Africa, May 8-10, 2006 DEVELOPING AND IMPLEMENTING KNOWLEDGE STRATEGIES EXPERIENCES
U.S. Comparative Advantage in Bioenergy: A Heckscher-Ohlin-Ricardian
U.S. Comparative Advantage in Bioenergy: A Heckscher-Ohlin-Ricardian Approach Ian Sheldon and Matthew Roberts 1 Much of the current literature on trade in biofuels is focused on the partial equilibrium
HEALTH WEALTH CAREER MERCER COMPTRYX A NEW WAY FOR HR TO DELIVER BUSINESS INTELLIGENCE 17 NOVEMBER 2017 BY PATRICK GUTMANN MERCER
HEALTH WEALTH CAREER MERCER COMPTRYX A NEW WAY FOR HR TO DELIVER BUSINESS INTELLIGENCE 17 NOVEMBER 2017 BY PATRICK GUTMANN MERCER TODAYS PRESENTER Questions To submit a question, use the floating panel
Case: An Increase in the Demand for the Product
1 Appendix to Chapter 22 Connecting Product Markets and Labor Markets It should be obvious that what happens in the product market affects what happens in the labor market. The connection is that the seller
Economics : Principles of Microeconomics Spring 2014 Instructor: Robert Munk April 24, Final Exam
Economics 001.01: Principles of Microeconomics Spring 01 Instructor: Robert Munk April, 01 Final Exam Exam Guidelines: The exam consists of 5 multiple choice questions. The exam is closed book and closed
Econ : Principles of Microeconomics Midterm practice problems
Econ 1101-005: Principles of Microeconomics Midterm practice problems The following four questions consider the market for widgets. For each of the following situations, determine what happens to the equilibrium
CEMEX global profile. Key Figures, 2014 Annual Sales US$ 15.7 billion EBITDA, US$ 2.7 billion Worldwide employees 44,000
CEMEX global profile CEMEX worldwide is: One of leaders in each of our core businesses: Cement, Concrete and Aggregates Largest concrete producer in the world Present in more than 50 nations, Trade relations
ECONOMICS ASSIGNMENT CLASS XII MICRO ECONOMICS UNIT I INTRODUCTION. 4. Is free medicine given to patients in Govt. Hospital a scarce commodity?
ECONOMICS ASSIGNMENT CLASS XII MICRO ECONOMICS UNIT I INTRODUCTION 1. What is the Slope of PPC? What does it show? 2. When can PPC be a straight line? 3. Do all attainable combination of two goods that
GLOBAL. Microeconomics ELEVENTH EDITION. Michael Parkin EDITION
GLOBAL EDITION Microeconomics ELEVENTH EDITION Michael Parkin Microeconomics, Global Edition - PDF - PDF - PDF Table of Contents Cover Microeconomics About the Author Brief Contents Alternative Pathways
GCE Economics. For teaching from 2015
GCE Economics For teaching from 2015 First AS Award: Summer 2016 First A Level Award: Summer 2017 The following pages feature an outline summary and content of new AS and A level specifications that are
The Foundations of Microeconomics
The Foundations of Microeconomics D I A N N A D A S I L V A - G L A S G O W D E P A R T M E N T O F E C O N O M I C S U N I V E R S I T Y O F G U Y A N A 1 4 S E P T E M B E R, 2 0 1 7 Wk 3 Lectures I
2016 Global Manufacturing Competitiveness Initiative Report Highlights
2016 Global Manufacturing Competitiveness Initiative Report Highlights Tim Hanley Global Leader, Consumer and Industrial Products Deloitte LLP MD81 1 Deloitte and US Council on Competitiveness I 2016 Global
Name: Eddie Jackson. Course & Section: BU Mid-term
Name: Eddie Jackson Course & Section: BU204 02 Mid-term Date: July 1st, 2012 Questions: 1. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish.
GACE Economics Assessment Test at a Glance
GACE Economics Assessment Test at a Glance Updated June 2017 See the GACE Economics Assessment Study Companion for practice questions and preparation resources. Assessment Name Economics Grade Level 6
The Markets for the Factors of Production THE DEMAND FOR LABOR
The Markets for the Factors of Factors of production are the inputs used to produce goods and services. The demand for a factor of production is a derived demand. A firm s demand for a factor of production
Livestock products: Domestic and international market a view of 2015
Livestock products: Domestic and international market a view of 2015 Alina Zharko Association Ukrainian agribusiness club Dairy products Production of milk and dairy products in Ukraine Dairy products
Macroeconomics, 10e (Parkin) Chapter 2 The Economic Problem. 1 Production Possibilities and Opportunity Cost
Macroeconomics, 10e (Parkin) Chapter 2 The Economic Problem 1 Production Possibilities and Opportunity Cost 1) The production possibilities frontier is the boundary between A) those combinations of goods
OECD EURASIA COMPETITIVENESS ROUNDTABLE PEER REVIEW OF ARMENIA BACKGROUND INFORMATION AND SUMMARY OF RECOMMENDATIONS
OECD EURASIA COMPETITIVENESS ROUNDTABLE PEER REVIEW OF ARMENIA BACKGROUND INFORMATION AND SUMMARY OF RECOMMENDATIONS This note provides background information for the peer review of Armenia, to be held
FINAL EXAMINATION ECON 200 Spring 2009 Version B DAY AND TIME YOUR SECTION MEETS:
FINAL EXAMINATION ECON 200 Spring 2009 Version B STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: BEFORE YOU BEGIN PLEASE MAKE SURE THAT YOUR EXAMINATION HAS BEEN DUPLICATED
Robert Ackerman Office Hours: 2:00-3:00PM T/Th Office: PA202 (Phillips Hall Annex) Economics 101
Robert Ackerman rkackerm@live.unc.edu Office Hours: 2:00-3:00PM T/Th Office: PA202 (Phillips Hall Annex) Economics 101 Economics 101 Today Questions/issues? Frequently missed Aplia Q s Week 2 topics Week
The Job Quality Index from PIAAC Singapore and International Comparisons
The Job Quality Index from PIAAC Singapore and International Comparisons Fourth PIAAC International Conference 22 nd of November 2017 Johnny Sung Simon Freebody Jazreel Tan Our Presentation 1 Why Skills
Introduction. Learning Objectives. Chapter 11. Classical and Keynesian Macro Analyses
Copyright 2012 Pearson Addison-Wesley. All rights reserved. Chapter 11 Classical and Keynesian Macro Analyses Introduction During the latter half of the 2000s, annual rates of U.S. real GDP growth varied
Chapter 6. Competition
Chapter 6 Competition Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-1 Chapter 6 The goal of this
Economics: Core Concepts Part II
Economics: Core Concepts Part II When everybody else is better off, they can buy more, they strengthen demand, strengthen the market, strengthen the country. -Carlos Slim Helu The production possibilities
Topic Compensating Differentials. Professor H.J. Schuetze Economics 370. Compensating Wage Differentials
Topic 4.3 - Compensating Differentials Professor H.J. Schuetze Economics 370 Compensating Differentials Refers to the wage differentials that exist in equilibrium to compensate workers for undesirable
Microeconomics PART A. More Tutorial at
Microeconomics PART A 1. For Italy, the opportunity cost incurred when 6 cheeses are produced is 8 watches. For Switzerland, the opportunity cost incurred when 10 cheeses are produced is 50 watches. Which
ECON 2306 Test #1 PREVIEW SHEET Ten Fundamental Principles of ECONOMICS 1. Scarcity is inescapable. 2. Risk is unavoidable. 3. All persons must make
ECON 2306 Test #1 PREVIEW SHEET Ten Fundamental Principles of ECONOMICS 1. Scarcity is inescapable. 2. Risk is unavoidable. 3. All persons must make choices. 4. Incentives matter. 5. People generally act
NATIONAL COMPETITIVENESS: A NINE-FACTOR APPROACH AND ITS EMPIRICAL APPLICATION
NATIONAL COMPETITIVENESS: A NINE-FACTOR APPROACH AND ITS EMPIRICAL APPLICATION Hwy-Chang Moon and Dong-Sung Cho Seoul National University ABSTRACT There exist some reports on national competitiveness,
Specific Learning Goals/Benchmarks and Student Assessment. AP Macroeconomics
Unit Bartram Trail HS Specific Learning Goals/Benchmarks and Student Assessment AP Macroeconomics # Benchmark Assessment 1 1 1 2 1 3 1 4 2 5 2 6 3 7 3 8 3 9 3 10 3 11 4 12 4 13 4 14 4 15 4 16 4 17 Define
Essential Graphs for Microeconomics
Essential Graphs for Microeconomics Basic Economic Concepts! roduction ossibilities Curve Good X A F B C W Concepts: oints on the curve-efficient oints inside the curve-inefficient oints outside the curve-unattainable
Econ 200 Lecture 4 April 12, 2016
Econ 200 Lecture 4 April 12, 2016 0. Learning Catalytics Session 62335486 1. Change in Demand 2. Supply and the Law of Supply 3. Changes in Supply 4. Equilibrium Putting Supply and Demand Together 5. Impact
The above Figure 1 shows the demand and cost curves facing a monopolist.
Practice 13&14 1) The key characteristics of a monopolistically competitive market structure include A) few sellers. B) sellers selling similar but differentiated products. C) high barriers to entry. D)