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Weekly Notes

by: Mike Meng

Weekly Notes ECON 142

Marketplace > Kansas > ECON 142 > Weekly Notes
Mike Meng
GPA 3.46
Micro Economics
Dr. Brian Staihr

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About this Document

Weekly notes before spring break
Micro Economics
Dr. Brian Staihr
Class Notes
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This 3 page Class Notes was uploaded by Mike Meng on Sunday March 22, 2015. The Class Notes belongs to ECON 142 at Kansas taught by Dr. Brian Staihr in Spring2015. Since its upload, it has received 118 views.


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Date Created: 03/22/15
032 32015 Absolute Advantage P276 Autarkydon t trade P277 Decided the term of trade Find the number falls in between the opportunity cost of the each ood of each country Find the common denominator and look for the number in between If the opportunity costs are 14 and 34 Then we nd 12 Then the term of trade would be 1 and 2 or 2 and 1 Who doesn39t like the trading Producer The looser from free trade Free trade produces net bene t 5 for both countries Policy that restrict trade P285 Tariffs Quotas Also known as barriers to trade Tariffs Tariffs are simply taxes on imports politically strategy speci c tariffs an amount of speci c Ad valorem tariffs the percentage of value The price increase the taxes will increase llllllllllllllllllllllllllllllllllll llllll Fun facts SmootHawley Taxes on older laborincentive industries imports clothing textiles shoes taxes should be put on products imported that compete with what produced in the country SmootHawley put taxes even on goods not produced in US which made the depression worse D B When tariffs is impose on imports P285 lllllllll D The international price is shifted up to the new price it s added on the tariffs imposed D the quantity of imports is reduced D the price consumer pays is higher D the price the producers within the country is higher D and the quantity supplied by domestic producers increase D D The area of the rectangle is the amount of the revenue that government earns by imposing the tariffs The width of the rectangle is the amount imported D D After free trade the consumer surplus increase dramatically the producer surplus decrease the economic surplus increase in total but the producer are worse off B after imposing the tariff the import price increase with the country producer are better off but it cause dead weight loss most economists don39t support this D D Quotas P286 D Simply a numerical restriction on the quantity of a good that can be imported D Impacts of quota Same as tariff in terms of hogher prices being paid Only difference is tariff revenue becomes quota rent Rent in an economics class in not what you pay your landlord lllll Rent is additional Impose a quota on goods imported Price will increase until the quota ts the gap between the demand urve and supply curve by the domestic producers D D D D c D D The steps of sample question D 1take demand and supply solve them for Q U 2make difference between them 30 D 3find the P that makes that happen D D D D D D D D D D Effects of tariffs and quotas are the same consumers are worse off domestic producers who compete with imports are made better off both create dead weight loss Argument in support of tariffs and quotas P293294 1saving jobs increase employment but the increasing price caused by tariffs and quotas hurts more people who are in the market of good competed by domestic producers and imports D tariff increase costs to customers D 2protecting higher wages D 3protecting infant industry P293 D growing industry It will be competitive will become bigger Quota will protect them until them become strong D but we spends more time and effort keeping protection then receiving bene ts from the growing D 4protecting national security


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