Menu_26_Sep_11

Menu_26_Sep_11 - opposition to it? 2. Revisit England and...

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TODAY’S MENU: Monday 26 September 2011 I. BUSINESS A. Practice Problems 1. Chapter 8: 1, 3, 7-13, 16, 20 2. Chapter 9: 1-7, 15-21, 24 II. SUBSTANCE A. Incidence of taxation 1. Tools a. Elasticity b. Economic surplus i. Consumer surplus ii. Producer surplus iii. Government revenue iv. Deadweight loss v. Examples 3. Examples a. Who bears the burden of a tax? b. How is economic surplus affected? B. International trade (take two) 1. Questions to Answer a. If “workers in the United States are the most productive in the world,” why do we consume so many imported goods? b. If “trade can make everyone better off,” why is there so much
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Unformatted text preview: opposition to it? 2. Revisit England and Portugal a. Gains from trade based on comparative advantage b. Who wins from trade and why c. Who loses from trade and why d. What, if anything, to do about it C. Supply and demand in an open economy 1. Importer a. Supply b. Demand c. Consumer surplus d. Producer surplus 2. Exporter a. Supply b. Demand c. Consumer surplus d. Producer surplus III. NEXT TIME A. Finish Chapter 9: “International Trade Policy…”...
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This note was uploaded on 11/16/2011 for the course ECON 2030 taught by Professor Bong during the Fall '07 term at LSU.

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Menu_26_Sep_11 - opposition to it? 2. Revisit England and...

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