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Econ 2100 1.26 Notes

by: Junyue Deng

Econ 2100 1.26 Notes Econ 2100

Junyue Deng

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About this Document

Consumer Surplus and Producer Surplus.
Global Economics
Robert Moore
Class Notes
25 ?




Popular in Global Economics

Popular in Economcs

This 3 page Class Notes was uploaded by Junyue Deng on Wednesday January 27, 2016. The Class Notes belongs to Econ 2100 at Georgia State University taught by Robert Moore in Spring 2016. Since its upload, it has received 59 views. For similar materials see Global Economics in Economcs at Georgia State University.


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Date Created: 01/27/16
1.26.2016   Global  Economics  Notes   Video:  Memphis  musical  –Music  of  My  Soul   A  Little  thing  in  the  video  related  to  Today’s  content     Last  Class’s  content     International  Organization   (1)World  Bank    (IBRD  in  1944,  IDA,  IFC,  MIGA,  ICSID)(Great  Depression)     (2)International  Monetary  Fund  -­‐1946   Criticism:  Voting  rights  depend  on  contribution  share  in  them.   (3)ITO  >  GATT(1947)  >WTO(World  Trade  Organization)-­‐1995   (4)UN=United  Nations   UNCTAD-­‐  United  Nations  Conference  on  Trade  and  Development   Each  country  has  equal  voting  share.   Give  poorer  ,  less  developed  country  a  fair       Today’s  contents   1.Markets     2.Tools  will  be  used  in  this  course     Food:   Price(P)  Quantity(Q)  of  people  pay   0 55   1 50   2 30   3 27   5                                        14          10              0     Graph    Plot     See  attached  graph  later     Consumer  Surplus   Is  the  difference  between  the  price  you  are  willing  to  pay  and  the  market  price   PS+CS=total  Welfare,  total  value  of  existence  of  the  market  in  the  society   Increase  in  Income  and  Increase  in  Population  cause  shift  in  demand  curve   The  more  I  pay,  the  more  willing  to  produce  it  in  several  careers  area.   Downward  Sloping  for  Demand  Curve,  High  Price  and  Low  Demand     Supply  curve  ,see  attached  Graph  later     Producer  Surplus   Upward  Sloping  for  Supply  curve  ,  High  Price  and  High  Supply     Intersection  of  Supply  and  Demand  =Equilibrium  Point   Qd=Qs  at  P*  (equilibrium  Price)     For  example  ,  Delta  want  to  find  out  where  is  the  demand  curve  to  determine  the   price.     Excess  supply  put  downward  pressure  on  the  prices  until  they  reach  equilibrium.   Shortage  put  upward  pressure  on  the  prices  until  they  reach  equilibrium.   Adam  Smith  ,Invisible  Hand     Some  factors  will  cause  shift…   And  bring  back  to  equilibrium       Calculation:   PS=0.5*b*h  (Triangle  area  formula)     FCO:     CA   Arizona     CS=216.75  million   =0.5*850*0.51   PS=0.5*b*h   =0.5*850*40   =170  dollar  million   orange  juice  industry   2015  population  in  US  =  322  million   Consumer  surplus  dispersed  through  a  large  population.  So  they  will  not  lobby  the   policy  things.  Not  interested  in  political  policy  things.   Producer  Surplus   Oppositely,  Producers  are  more  concentrated.  Have  incentive  to  accurate  the  trade   policy.     Producers  are  motivated  by  profits  and  they  will  lay  off  workers.   Graph  will  be  used  in  Free  Trade  as  well.   Autarky,  no  trade  equilibrium.  


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