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UCR / Engineering / ECON 003 / 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: Engineering
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 31 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”

We also discuss several other topics like 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 tradeIf you want to learn more check out What are the three kinds of pyrimidines?

Term of ratio= 300/400 P/S = ¾ P/S

        Equalcatly to 4/3 SPIf you want to learn more check out What is described by horizontal asymptotes?

Rule: both countries accept if ratio is between opp. CostDon't forget about the age old question of How does strategic planning differs from operational planning?
We also discuss several other topics like Define chain rule.

Opp. cost of S

 D. ½  P/S

G. 1 P/S

Compare to proposed ratio (make sure units match)Don't forget about the age old question of How do goods from china get to stores in the united states?

Comparison:

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

                ½  P/S                                ¾  P/S                        1 P/S

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

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

                Ratio: ¼ P/S

                

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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