Econ 2100 1.26 Notes
Econ 2100 1.26 Notes Econ 2100
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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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