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Unformatted text preview: 1 Section Notes Week 10 Outline Key Concepts Announcements Production Possibilities Frontier Midterm Synthesis Comparative Advantage Renewable Resources Revisited Hecksher-Ohlin Theorem International Trade Stolper-Samuelson Theorem Announcements 1. Problem Set 2 will be returned next week. 2. Problem Set 3 will be posted soon. It’s due Thursday, April 16. 3. The midterm’s behind you but not the material: the class is cumulative in the sense that questions and concepts will build off of things we now expect you to know. With that in mind, I will have a limited number of small exclusive sessions to help with any of the math from the first half the class. With those that express interest, I’ll schedule sessions over the next few weeks. To make it sufficiently targeted, I’m limiting it to folks that scored less than 60 on the midterm, but prioritizing (and strongly encouraging) anybody that scored less than 50. The idea is to make sure everyone can translate the concepts into the math, and this just takes practice. Renewable Resources Revisited A renewable resource has a growth rate, g ( S ), which is based on the size of the population stock, S . Typically, we see growth patterns as follows: In steady state , growth = harvest. So the amount harvested must be on the blue line, H = g ( S ). 2...
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- Spring '09
- Comparative Advantage