05-DandS - Demand & Supply Lecture 5-PREVIEW Dr....

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macroS2010 Lec5-page 1 http://www.arts.cornell.edu/econ/wissink/econ102jpw/ Lecture 5-PREVIEW Dr. Jennifer P. Wissink ©2009 John M. Abowd and Jennifer P. Wissink, all rights reserved. February 8, 2010
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macroS2010 Lec5-page 2 http://www.arts.cornell.edu/econ/wissink/econ102jpw/ macroS2010 Lec4-page 2 Trade and Competitiveness Economies Ranked on Ease of Shipping, Trade http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS China announces anti-dumping steps on US chicken amid trade disputes with Washington http://www.latimes.com/business/nationworld/wire/sns
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macroS2010 Lec5-page 3 http://www.arts.cornell.edu/econ/wissink/econ102jpw/ Note of Caution Information on comparative advantage is often given in many other forms - pay careful attention to the information you are given. Three ways to present the same kind of information England Portugal 1 yd. of cloth 2 hours 1 hour 1 barrel of wine 40 hours 10 hours England Portugal 1 hour of labor in cloth .5 yd. of cloth 1 yd. of cloth 1 hour of labor in wine 1/40 bl. of wine 1/10 a bl. of wine England Portugal maximum cloth 40yds 80yds maximum wine 2bls 8bls
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http://www.arts.cornell.edu/econ/wissink/econ102jpw/ The Combined PPF-3 Countries Suppose you add France, who can make either 3bls of wine OR 45yds of cloth OR anything on a straight line between. MOC of cloth=1/15bls
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05-DandS - Demand & Supply Lecture 5-PREVIEW Dr....

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