Ch03
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Ch03

Course Number: ECON 201, Spring 2008

College/University: Oregon

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CHAPTER 3 EXCHANGE AND MARKETS 1. 2. 3. 4. Chapter Summary Chapter Objectives Chapter Outline Teaching Tips/Topics for Class Discussion Extended Examples Extended Example 1: Comparative Advantage and Nations Extended Example 2: The North American Free Trade Agreement Problems And Discussion Questions Model Answers to Questions: Chapter Opening Questions Test Your Understanding Using the Tools Economics...

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3 CHAPTER EXCHANGE AND MARKETS 1. 2. 3. 4. Chapter Summary Chapter Objectives Chapter Outline Teaching Tips/Topics for Class Discussion Extended Examples Extended Example 1: Comparative Advantage and Nations Extended Example 2: The North American Free Trade Agreement Problems And Discussion Questions Model Answers to Questions: Chapter Opening Questions Test Your Understanding Using the Tools Economics Applied - Using What You've Learned 5. 6. 7. 1. Chapter Summary . The concept of comparative advantage and dividing production to minimize opportunity costs shows why individuals gain through specialization and exchange, the basis for the existence of markets. Specialization increases productivity through the division of labor. A system of international specialization and trade is sensible because nations have different opportunity costs of producing goods, giving rise to comparative advantages. Markets emerge because self-interested people guided by prices, make decisions about what products to produce, how to produce them and whom they are produced for. The government's roles in a market economy include establishing the rules for exchange, reducing economic uncertainty, and responding to market failures 2. Chapter Objectives 1. Why aren't people self-sufficient, producing everything themselves markets exist? 2. Why have the economies of the former Soviet Union and China moved away from central planning, relying to a greater extent on market dynamics? 3. Why are profits an important part of a market economy? 4. How does EverQuest, the online multiplayer adventure game, illustrate the benefits of exchange and markets? 20 Exchange and Markets 21 3. Chapter Outline I. Comparative Advantage and Exchange A. Specialization and the Gains From Trade 1. Numerical Example: 2 individuals (Abe, Bea), 2 goods (pizza per day, paintings produced per hour). Abe can produce 6 pizzas per day or 2 paintings; Bea can produce 1 pizza per day or 1 painting. 2. We can calculate the opportunity cost of each person's production; the principle of opportunity cost states that the opportunity cost of something is what you sacrifice to get it. a. Abe's opportunity cost of producing 1 painting is 3 pizzas per day; her opportunity cost of producing 1 pizza per day is 1/3 painting. b. Bea's opportunity cost of producing 1 painting is 1 pizza per day; his opportunity cost of producing 1 pizza per day is 1 painting. 3. Abe has a comparative advantage in pizza per day because she gives up fewer paintings (1/3 < 1); Bea has a comparative advantage in paintings because he gives up less pizza per day (1 < 3). 4. Specialization is beneficial if there are differences in opportunity costs as it increases the production of the group or society. Teaching tips: Ask the class what their parents do for a living. In a normal classroom, several students will have parents with very specialized occupations. Compare those with others who have less specialized jobs. Another approach would be to examine the medical profession over time. Point out to the students how doctors have become more and more specialized leading to increased productivity and better overall health. The teaching profession can also be used to illustrate this concept. Point out to the students that as their education has progressed, their teachers became more and more specialized - from primary to junior high to high school to college. B. Production and Consumption Possibilities Consumption possibilities curve is curve showing the combinations of two goods that can be consumed when a nation specializes in the production of one good and trades with another nation. C. Comparative Advantage versus Absolute Advantage. In the example used, Abe has an absolute advantage in both goods because she can produce more of each product. Teaching Tip: Use a law office to illustrate this point. A lawyer charges 300 dollars an hour. She pays her executive assistant 20 dollars per hour. The question is who should prepare the legal briefs. The lawyer worked her way through law school as a typist She can process 100 words per minute. Her assistant is new to the profession. He can only process 25 words per minute. The lawyer has an absolute advantage in word processing. Should she type her own briefs? Obviously not. The lawyer has a comparative advantage in the practice of law. D. Division of Labor and Exchange 1. Smith noted three reasons for productivity to increase with specialization, with each worker performing a single production task: repetition, continuity, and innovation. 2. Specialization and exchange result from differences in productivity. Differences in productivity, in turn, result from differences in skills and the benefits associated with the division of labor. Teaching tip: Compare life 150 years ago to today. The continued division (and subdivision) of labor has led to an increase in productivity (and income) and the lifestyles we enjoy today. E. Comparative Advantage and International Trade 1. The lessons of comparative advantage and specialization apply to trade between nations. Each nation could be self-sufficient and produce all the goods it consumes. On 22 Chapter 3 the other hand, each nation could instead specialize in products for which it has a comparative advantage. 2. National governments can intervene in international trade by erecting barriers to trade. Teaching Tip: Provide the students with a list of countries. Ask them what products come to mind when they think of a particular country. Another alternative would be to ask them to check the labels on their clothing for country of manufacture. Either example naturally leads to a discussion of international trade. II Markets In a market economy, people exchange things and trade what they have for what they want. A. Virtues of Markets 1. Under a market system, the people make the decisions and their decisions are guided by prices. Prices provide signals about the relative scarcity of a product and help an economy respond to scarcity. The decisions made in markets rise from the interactions of millions of people, each motivated by self-interest. 2. Entrepreneurs will enter the market and increase production. 3. We can see the advantages of a market system by examining what happened in economies that were once centrally planned. In the former Soviet Union, state-run shops, plagued by shortages, were replaced by shops run by entrepreneurs. In China, farmers moved away from the inefficient communal system and started selling their own products independently. Teaching Tips: Ask the class what is their favorite new store/product/ service. You will several varied responses. Ask them how they thin this new venture came about. This should lead to a discussion of supply and demand prices, profits, entrepreneurship ... B. Example: Exchange in a Prisoner of War Camp We can see the commonness of exchange illustrated in the emergence of markets in prisoner of war (POW) camps in World War II. C. Shortcomings of Markets Market failure may occur when markets fail to produce the most efficient outcomes on their own. The role of government is to correct this problem. Teaching Tips: Any campus externality will work here. Noise, traffic conception, cafeteria lines, large classes. III The Role of the Government The government establishing rules for exchange in markets and using its police power to enforce the rules. The government's role is also to reduce economic uncertainty and provide for people who experience job losses, poor health, or other such circumstances A. Government Enforces The Rules of Exchange 1. The government helps to enforce contracts by maintaining a legal system that punishes people who violate contracts. 2. The government requires that producers provide information to consumers about the features of their products, including warnings.. 3. The government enforces patent laws in order to support innovation. 4. The government also supports policies designed to foster competition between firms. Teaching Tips: Have the students list five laws that impact their lives. Then ask them to think about what would happen if those laws were repealed B. Government Can Reduce Economic Uncertainty Market economics may be uncertain, so governments provide a safety net that provides for citizens. Teaching Tip: Ask the students why they think the university publishes class schedules in advance. What is the benefit to students? How does this reduce uncertainty in their lives? Exchange and Markets 23 4. Extended Examples Extended Example 1: Comparative Advantage and Nations Suppose that there are two countries, Canada and England. Each country can produce either bacon or muffins. The following table shows the number of each good produced per hour. Assume that the countries have identical labor forces. Muffins (per hour) 100 200 Bacon (per hour) 50 200 England Canada 1. Does any country have an absolute advantage in any good(s)? How do you know? 2. Does any country have a comparative advantage in any good(s)? How do you know? 3. Explain why both countries could gain from trading. 24 Chapter 3 Extended Example 2: The North American Free Trade Agreement In 1994, the United States, Canada, and Mexico signed the North American Free Trade Agreement (NAFTA). NAFTA will eliminate virtually all tariffs and many nontariff trade barriers between these countries over a 15-year period. The United States and Canada had previously agreed to a United StatesCanada Free Trade Agreement in the late 1980s. NAFTA has been a controversial issue, particularly in the United States and Canada. In the United States, it has been feared that NAFTA would lead to job losses due to migration of firms to Mexico to take advantage of lower labor costs. In Canada, industry was historically protected by high average tariff rates, and thus, industries were able to operate inefficiently and at low output levels. 1. Explain why comparative advantage should imply that all three of these countries will gain from the agreement. 2. In what types of goods would each country be likely to have a comparative advantage? 3. One of the most vocal opponents of NAFTA was United States organized labor (unions). Explain why unions were so fiercely opposed. Likewise, what groups in the United States should favor this agreement? Exchange and Markets 25 5. Problems and Discussion Questions 1. Recall the example of Abe and Bea shown in Table 3-1. Suppose a technological innovation increases the painting productivity of both people: Abe can now produce 3 paintings per day, while Bea can now produce 2 paintings per day. Their productivity for pizza has not changed. Suppose that they agree to trade 1 painting for each pizza. Will both people gain from specialization and trade? Yes. Abe's opportunity cost of pizza is now 1/2 painting. Bea's opportunity cost for pizza is 2 paintings. Abe should specialize in painting, and Bea should specialize in pizza production, and both can gain from trading 1 painting for 1 pizza. 2. Consider two financial planners, Phil and Francis. an In hour, Phil can produce either 1 financial statement or answer 10 phone calls, while Francis can either produce 3 financial statements or answer 12 phone calls. Does either person have an absolute advantage in producing both products? Should the two planners be self-sufficient (each producing statements and answering phones) or specialize? Francis has an absolute advantage in both goods. The opportunity cost of a financial statement is 10 phone calls for Phil or 4 phone calls for Francis. The opportunity cost of a phone call is 1/10 financial statement for Phil or 1/4 financial statement for Francis. Thus Phil has a comparative advantage in phone calls, and Francis has a comparative advantage in financial statements. Both will be better off if they specialize. 3. Professor Lucy is a better teacher than Professor Buster for both an undergraduate course (U) and a graduate course (G). Teaching performance is measured by the average score on students' standardized tests: Professor Lucy Average Score in Undergraduate Course Average Score in Graduate Course 48 60 Professor Buster 24 20 a. If each professor teaches one course and the objective is to maximize the sum of the test scores, which course should each professor teach? Lucy - graduate; Buster - undergraduate b. Is your answer to (a) consistent with Lucy teaching the course for which she has the largest productivity advantage over Buster? Yes 4. Use the notion of comparative advantage to explain why two countries, one of which is less efficient in producing all products, will still find it advantageous to trade. Even if a country has an absolute disadvantage in all goods, it can still produce something relatively more cheaply than the other country, and thus there are still gains from trade. 26 Chapter 3 6. Model Answers to Questions Chapter Opening Questions 1. Why aren't people self-sufficient, producing everything themselves markets exist? Markets exist because most people are not self-sufficient but instead specialize in producing one or two products and then buy other products from other people. 2. Why have the economies of the former Soviet Union and China moved away from central planning, relying to a greater extent on market dynamics? Under a market system, self-interested people make the decisions, guided by the prices of products and resources. 3. Why are profits an important part of a market economy? Profits provide incentives for entrepreneurs to enter markets and produce goods that consumers are willing to pay for. 4. How does EverQuest, the online multiplayer adventure game, illustrate the benefits of exchange and markets? EverQuest players use online auction sites like eBay to purchase assets (armor, weapons, spells) for their characters in the game, which are then transferred from one character to another within the game. Test Your Understanding 1. In an hour, Abby can produce two financial statements or answer eight phone calls. What is the opportunity cost of a financial statement? What is the opportunity cost of a phone call? The opportunity cost of a financial statement is 4 phone calls, and the opportunity cost of a phone call is one-fourth of a financial statement. (1 financial statement=4 phone calls or 1 phone call =1/4 a financial statement) 2. Suppose Abby has an office mate, Slokum, who in an hour can either produce a financial statement or answer a phone call. How should the two tasks be allocated between the two workers? Abby has the lower opportunity cost for phone calls (one-fourth of a financial statement), and Slokum has the lower opportunity cost for financial statements (1 phone call). Abby should answer the phone, and Slokum should prepare the financial statements. 3. Wally, the manager of a car wash, is more productive at washing cars than any of the potential workers he could hire. Should he wash all the cars himself? No. If he has a comparative advantage at managerial tasks such as doing the books or marketing, he should hire some workers to wash the cars, allowing him to specialize in the tasks for which he has a comparative advantage. 4. List the social inventions that support markets. Contracts, insurance, patents, and accounting rules. 5. Why would a POW who doesn't smoke trade some of his rations for cigarettes? Cigarettes served as a medium of exchange. Exchange and Markets 27 6. How could you earn money playing the online adventure game EverQuest? Acquire assets in the game and sell them on eBay. Using The Tools 1. Prices in a POW camp Recall the discussion of markets in the POW camps. Suppose the price of bread is initially 40 cigarettes. Predict the effects of the following events on the price of bread: will the price of bread increase, decrease or remain the same? a. Prisoners' cigarette rations double while their food rations remain the same. Price increases. With more cigarettes in the economy, each prisoner will have more cigarettes to use to bid for other products such as bread. We would expect the price of bread to increase as prisoners use a larger number of cigarettes try to outbid each other for a fixed supply of bread. b. All rations- for cigarettes as well as food-are cut in half. Prices will not change. There will be less "money" [cigarettes] but also less to buy [bread], so unless there is something special about cigarettes and bread, we wouldn't expect prices to change. c. Air raids near the camp increase prisoners' anxiety, increasing cigarette consumption as a coping mechanism. Price decreases. An increase in the desire for cigarettes will leave fewer cigarettes for use as a medium of exchange, so it will take fewer (more valuable) cigarettes to get a loaf of bread. The price of bread will decrease and the price of cigarettes will increase. 2 Arbitrage: Exploiting Price Differences Late in World War II, a German guard exchanged bread and chocolate at the rate of one loaf for one loaf for one chocolate bar. Inside the POW camp, the price of chocolate was 15 cigarettes per bar, and the price of bread was 40 cigarettes per loaf. Arbitrage refers to the process of buying and selling products in different places to exploit differences in prices. a. Design an arbitrage scheme for a prisoner in the POW camp. For each exchange with a German guard, what is the prisoner's profit? The prisoner should use 15 cigarettes to buy a chocolate bar. Exchange the chocolate bar with a guard for one loaf of bread. Sell the bread in the camp for 40 cigarettes. The profit for each exchange is 25 cigarettes: the 40 cigarettes gained at the end minus the $15 cigarettes lost at the beginning, b. Predict the effects of arbitrage on the prices of bread and chocolate within the POW camp. The price of chocolate will increase and the price of bread will decrease. As the camp received more beads and lost some of its chocolate, we would expect the price of bread to drop (below 40 cigarettes) and the price of chocolate to rise (above 15 cigarettes). 3. Comparative Advantage and the Gains From Trade Robin and Terry are stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fish or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut. a. Use these numbers to prepare a table like Table 3.1. Which person has a comparative advantage in fishing? Which person has a comparative advantage in gathering coconuts? Robin has a comparative advantage in gathering coconuts and Terry has a comparative advantage in fishing. That means that the most productive of Robin's time is to gather coconuts and that Terry produces the most by fishing. See the following table. 28 Chapter 3 Productivity and Opportunity Costs Robin Fish Output per day Opportunity cost 2 4 coconuts Coconuts 8 1/4 fish Fish 1 1 coconut Terry Coconuts 1 1 fish b. Suppose that each person is initially self-sufficient. In a six-day week, Robin produces and consumes 32 coconuts and 4 fish, and Terry produces and consumes 4 coconuts and 2 fish. Show that specialization and exchange (at a rate of 3 coconuts per fish) allows Robin to consume more coconuts and the same number of fish and allows Terry to consume more coconuts and the same number of fish. Use a graph like Figure 3.1 and a table like Table 3.2 to illustrate your Terry should spend six days fishing and then exchange 2 fish for six coconuts with Robin who spends 5 days gathering coconuts and 1 day fishing. The result is 34 coconuts and 4 fish for Robin and 6 coconuts and 4 fish for Terry. See the following table. Specialization, Exchange, and Gains from Trade Robin Coconuts per week 32 48 Terry Coconuts per week 4 0 6 Total Coconuts per week 36 48 Fish per week Robin and Terry are selfsufficient. Robin and Terry specialize. After specializing, Robin and Terry exchange 3 coconuts per fish Gain from specialization and exchange. 4 0 Fish per week 2 6 Fish per week 6 0+4=4 (Robin gets 4 fish) 48 12 = 36 (Robin gives up 12 coconuts) 6 4 =2 (Terry gives up 4 fish) 0 + 12=12 (Terry gets 12 coconuts) 0 4 0 8 Exchange and Markets 29 7. Economics Applied - Using What You've Learned School Vouchers: In a recent article, "An Unfair Grade for Vouchers", Jay Greene examines the results of research on school voucher programs. School voucher programs allow families to choose the school they want to attend instead of having to attend the school in their district. Private and public schools compete for students. He concludes that the results of seven studies of five school voucher programs, indicate that the programs have had positive benefits for students in every case. Test scores have increased. He also points out that public schools in areas that have voucher programs have been forced to become better. They have an incentive- if they do not, their enrollments will decline. Questions for Discussion: 1. Is there a market for education? 2. Do vouchers change the demand or the supply? 3.Is the market efficient? Medicare: In a recent newspaper article, entitled "A Better Fix for Medicare", Mr. John Goodman proposed reforms to the current Medicare system. Currently senior citizens have few choices, have to deal with several items that are not covered( including prescription drugs) and almost always have to have a second insurance policy to be completely covered. Goodman proposes the following changes: 1. One premium for one comprehensive insurance plan that would feature complete coverage. 2. Market determined benefits. Let insurance companies compete for senior citizen's business, just like they do for everyone else. 3. Allow seniors to choose what plan they would like. 4. Allow seniors to have medical savings accounts, increasing their ability to make choices 30 Chapter 3 Questions for Discussion: 1. Are senior treated differently when it come to health care? 2. Is health care different than other services? 3. Is everyone entitled to health care? For further faculty and student resources for this chapter, visit the O'Sullivan/Sheffrin Companion Website at: http://www.prenhall.com/osullivan/.

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CHAPTER 5 ELASTICITY: A MEASURE OF RESPONSIVENESS1. 2. 3. 4. 5. 6. Chapter Summary Chapter Objectives Chapter Outline Teaching Tips/Topics for Class Discussion Extended Examples Extended Example 1: Determinants of Elasticity Extended Example 2: R
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CHAPTER 6 CONSUMER CHOICE1. 2. 3. 4. 5. 6. Chapter Summary Chapter Objectives Chapter Outline Teaching Tips/Topics for Class Discussion Extended Examples Extended Example 1: Is More Always Better? Extended Example 2: Time is Money Problems And Di
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Nick Frazier Quantitative analysis and Beer's law 1. The true molarity of our stock solution : Actual mass of CoSO4 = 5.622g CoSO4 V= 100 mL M= 1mol CoSO4 x 5.622 g x 1 mL = 0.2 M CoSO4 281.10g .01 L 2. Sample 1 2 3 4 3. Average Absorbance 1.053 .872
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CHAPTER 11 PRODUCTION TECHNOLOGY AND COST1. 2. 3. 4. 5. 6. Chapter Summary Chapter Objectives Chapter Outline Teaching Tips/Topics for Class Discussion Extended Examples Extended Example 1: Calculating Costs Extended Example 2: Scale Economies in
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Throughout my last 15 years of playing hockey, Coach Brian has been the most influential coach I have ever met. I don't understand why the Hamburg School board would ever think of replacing him. He knows the game of hockey like the back of his hand,
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_/25 Name: Vinson Baxley Section Number: Click here to insert sectionCSI 112 FITness Exercise #3 Fall 2006 In order to use this document correctly, you must click on the gray box and type your answer. Note: If you do not have Windows XP at home, s
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Vinson Baxley FIT 6 1. ProsSee what your employees are doing while at work Monitor to see who they are talking too See if they are the ones putting viruses on all the computers See if internet predators are talking to them Monitor the amount of time