ECO182 - Review for Exam 1

ECO182 - Review for Exam 1 - Demand-Supply Review ECON 182A...

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Demand-Supply Review ECON 182A & A01
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THE SLAVE MARKET In the Sudan, there is still slavery a slaves Price per slave Supply of slaves by slave catchers Demand for slaves by rich and immoral people
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How does it work ? The slaves are captured in raids on their villages which may or may not form part of the Khartoum government's war effort. Freelance raiders, aware that the government won't ask too many questions about raids into the territory of the Dinka people -- from whom Khartoum's enemy, the Sudanese People's Liberation Army (SPLA), draws many of its recruits -- take advantage of the situation to capture slaves.
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SUPPLY The slave raiders prefer women and boys. In order to catch them, they kill the men and burn down their villages. When the women and children run into the bush, they are chased and captured. They are made to carry the "spoils" of the raid, usually sacks of grain, to the north. They are then sold to wealthy Arab families.
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Demand Arab families with large farms and plantations in the Arab areas immediately to the north of Southern Sudan may buy between 50 and 100 slaves. Families buy women to be used as "concubines" who perform farm and household tasks in addition to providing sexual services. If the women are young enough, they are genitally mutilated as soon as they reach puberty, so as to make them acceptable to their Arab masters. Boys are circumcised. In a bid to "Arabise" them thoroughly, the boys are taught to recite the Qur'an by heart. They are, however, not taught to read or write Arabic.
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Government targets slave catchers a slaves Price per slave Supply of slaves by slave catchers Demand for slaves by rich and immoral people
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a RESULTS : The price of a slave has increased Inefficient slave catchers are out of market Efficient catchers are operating and have less competition
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Another solution Since 1995, an organization based in Switzerland, called Christian Solidarity International (CSI), has spent $1-million redeeming 20 000 Dinka slaves, captured in Southern Sudan. What is the (average) price per slave ?
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How slaves are saved CSI uses networks of "retrievers" -- Arab traders who live just to the north of the Dinka, in Darfur and Kordofan, and who operate in secret -- to buy back the slaves. The organisation pays 50 000 Sudanese pounds, or $50, for each redeemed slave. At current market prices, that also happens to be the price of two goats.
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a slaves Price per slave
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a RESULTS : The price of a slave has increased All slave catchers are making more profit New catchers are entering market Wealth has gone to immoral people
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AUCTION Buyers A, B and C are the three highest bidders participating in an auction to acquire a famous sculpture. Their secret bids are as follows: A’s is $ 26
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This note was uploaded on 10/10/2010 for the course ECO 182 taught by Professor Morgan during the Spring '08 term at SUNY Buffalo.

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ECO182 - Review for Exam 1 - Demand-Supply Review ECON 182A...

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