Lecture%207%20February%209

Lecture%207%20February%209 - Todays Agenda Supply and...

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Today’s Agenda Supply and demand with international trade Elasticity Price elasticity of demand importance computation strategies Other elasticities Please see me: Richa Pandey Dennis Stephen
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Market equilibrium under autarky domestic autarky aut No trade with other countries
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Producer and consumer surplus under autarky domestic autarky aut
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Market equilibrium with trade domestic world autarky aut
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Market equilibrium with trade domestic world autarky aut S dom D
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Market equilibrium with trade domestic world autarky aut S dom D Imports
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Opening of trade lowers price Consumers are better off. Producers are worse off. Can we compare these gains and losses?
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Trade’s effect on total surplus domestic world autarky aut S dom D Imports
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Trade’s effect on total surplus domestic world autarky aut S dom D Imports
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Trade’s effect on total surplus domestic world autarky aut S dom D Imports
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Trade’s effect on total surplus domestic world autarky aut S dom D Imports
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Trade’s effect on total surplus domestic world autarky aut S dom D Imports
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Trade’s effect on total surplus domestic world autarky aut S dom D Imports
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Trade’s effect on total surplus domestic world autarky aut S dom D Imports
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What if the world price is higher than the autarkic price? domestic world autarky aut
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What if the world price is higher than the autarkic price? domestic world autarky aut S dom D
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What if the world price is higher than the autarkic price? domestic world autarky aut S dom D Exports
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What if the world price is higher than the autarkic price?
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This note was uploaded on 03/08/2011 for the course ECON 220 taught by Professor Cai during the Spring '08 term at Rutgers.

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Lecture%207%20February%209 - Todays Agenda Supply and...

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