Problem_Set_4_Answers

Problem_Set_4_Answers - 94 CHAPTER 4. SLAVE REDEMPTION...

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94 CHAPTER 4. SLAVE REDEMPTION Answers to Problems on Applying Supply and Demand to Slavery There are two types of slaves, new and old. New slaves are those who have only just been captured and have been brought to market for the first time. Old slaves are those who have already been placed into slavery. Eradicating slavery requires elimination of both types of slave. Answer to Problem 4.1. Consider the market for new slaves. If the goal is to reduce the number of persons being bought and sold as new slaves, then what needs to be done to the market demand curve for new slaves and to the market supply curve for new slaves? How might you cause these to happen? What do you propose to reduce the number of people already in slavery? Answer. The market demand curve and the market supply curve for new slaves both must be shifted inwards, thereby guaranteeing that fewer persons are traded as new slaves. What would cause an inward shift of the market supply curve for new slaves? Any market supply curve shifts inward when there is a reduction in the number of suppliers, an increase in the prices of inputs needed for production of the commodity being supplied, or a worsening of the technology used for that production. It is difficult to reverse a technology; once a new technology is known that knowl- edge usually remains forever. However, in this case a crucial part of the “new slave production technology” was the railroad that runs from Khartoum to the southern Sudan. This railroad was a crucial means of transporting new captives from the south to the slave markets of Khartoum. Disruption of the railroad would have increased the cost of getting captives to the slave markets, thereby shifting inwards the market supply curve of new slaves. Of course it is a dangerous and difficult matter to blow up railway bridges and locomotives. Another possibility is to defend the raided populations militarily, but training and
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Problem_Set_4_Answers - 94 CHAPTER 4. SLAVE REDEMPTION...

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