Lecture+7+September+27

Lecture+7+September+27 - Exam in 9 days Is your Aplia...

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Exam in 9 days Is your Aplia average above 75%? Can you answer nearly all the problems on the first three Self-Grading Quizzes on Sakai? (by Wednesday for # 3) If you can’t answer both questions with “yes,” you are at risk of underperforming in this class. You need to: Diagnose your problems quickly. Use the Krugman-Wells Study Guide to improve your understanding in the problem areas you identify. See me or a TA in our office hours. Attend the Wednesday or Thursday review session. Don’t wait. The time is now! We’re here to help.
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Today’s Agenda Supply and demand with international trade Elasticity Price elasticity of demand importance computation strategies Other elasticities
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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?
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Lecture+7+September+27 - Exam in 9 days Is your Aplia...

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