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UCR / Economics / ECON 3 / What do you mean by demand schedule?

What do you mean by demand schedule?

What do you mean by demand schedule?

Description

School: University of California Riverside
Department: Economics
Course: Introduction to Microeconomics
Professor: Bree lang
Term: Fall 2018
Tags: intro to microeconomics
Cost: 25
Name: Introduction to Microeconomics 003: Week 2 Notes
Description: These notes cover chapter 2 and chapter 3
Uploaded: 10/15/2018
3 Pages 91 Views 1 Unlocks
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  • Trade allow consumers to consume more than they can produce
  • Not all trades will always help ecery country
  • Show with graphs last time
  • Now shown with a easy “trick”

Don't forget about the age old question of What are the consequences of different kinds of institutions for policy making?

Term of trade - the ratio of a proposed trade (as a fraction)

Ex:

Traded 300 P for 400 S - actual trade

Term of ratio= 300/400 P/S = ¾ P/S

        Equalcatly to 4/3 SPWe also discuss several other topics like How many mitochondria are found in a cell?

Rule: both countries accept if ratio is between opp. Cost

Opp. cost of S

 D. ½  P/S

G. 1 P/SIf you want to learn more check out How do you switch to and fro exponent form and log form?

Compare to proposed ratio (make sure units match)

Comparison:

        Lower of the two opp. cost      <     trade ratio    <    higher of the two opp cost

                ½  P/S                                ¾  P/S                        1 P/SIf you want to learn more check out What forms of change refers to continual improvement within existing tech cycle?

Check to make sure inequality hold (true) - both accept

Next proposal: 100 P for 400 S                (showed on graph last time)

                Ratio: ¼ P/SWe also discuss several other topics like Define implicit differentiation.

                Don't forget about the age old question of The science behind a genuine product is known as?

½  P/S     x<     ¼  P/S       <       1 P/S

This inequality is not true - one country does not accept

                                Who doesn't accept?

                        Who does the offending opp. cost belong to? - ½  P/S

D. does not accept                                                                        - D

  • Offending opp. Cost - the one that is not true

Top Hat:

        Propose 200 S for 300 P                        Ratio: 3/2 P/S

½  P/S      <     3/2 P/S       X<       1 P/S (G)

  • Won't be accepted by (G)

Equivalent

                ratio: ⅔ S/P

                -same answer different journey

        Lower                                            (D) Higher

1  S/P      <     2/3 S/P       X<       2 S/P

  • Wont be accepted by (G)

*Important: match the opp. Cost units

What doesn’t (D) accept 100 P for 400 S (before top hat question)

  • (D) has comparative advantage in S
  • Without trade, they get 1 P for 2 S  (opp cost)
  • (D) will accept the trade if they get more than 1 P for 2 S
  • Proposal = 1 P for 4 S ➝they can do better without trade - won't accept

Straight PPF

  • Opp cost is constant

10/9 Discussion # 2

PPF - Production Possibility Frontier

  • Max output when you utilize all the resources (feasible)

Ex: You have 5 hours to study each hour of study

  • Econ 20 pgs
  • History 50 pgs

Slope : 100/250 : ⅖  Econ/History

Opp costs of 20 pgs Econ is 50 pgs of History

Opp costs of 1 pg Econ is 5/2 pgs of History

Opp costs of 1 pg History is ⅖ pgs of Econ

Ex:

Iceland : either 25 coolers or 100 radios

Ariba : either 25 coolers or 50 radios

Opp cost chart

Absolute advantage: neither has abs. Adv. over production of coolers.

Iceland has abs adv in radios

Comparative advantage: Ariba has comp. Adv. in coolers. Iceland has comp. Adv. in radios

Ex:

Iceland only produces radios. Ariba only produces coolers

Trade proposition: 30 R for 10 C. do the countries benefit from trade?

        2 R/C    <    3 R/C    <    4R/C

The countries benefit from the trade

CH 3: The market at work supply and demand

Demand and supply - price and quantity

Market - the group of buyers / sellers that exchange goods

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