chap04 - Introduction Neo-classical economics General...

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Unformatted text preview: Introduction Neo-classical economics General structure of the neo-classical model Production functions Cost minimization Impact of wage rate and rental rate Constant returns to scale Conclusions CHAPTER 4; PRODUCTION STRUCTURE International Trade & the World Economy; Charles van Marrewijk Explanations for trade Classical 2. Opportunity costs 3. Comparative advantage Neo-classical 4. Production structure 5. Factor prices 6. Production volume 7. Factor abundance 1. The world economy New trade 9. Imperfect competition 10. Intra-industry trade Policy 8. Trade policy 11. Strategic trade policy 12. Int. trade organizations 13. Economic integration 17. Applied trade policy modeling Economic geography New interactions 14. Geographical economics 15. Multinationals 16. New goods, growth, and development Industrial organization International business Growth theory Part I Part II Part III Part IV 18. Concluding remarks Introduction Neo-classical economics General structure of the neo-classical model Production functions Cost minimization Impact of wage rate and rental rate Constant returns to scale Conclusions CHAPTER 4; PRODUCTION STRUCTURE International Trade & the World Economy; Charles van Marrewijk Introduction International Trade & the World Economy; Charles van Marrewijk Objectives / key terms Production functions Isoquants Cost minimization Factor intensity Constant returns to scale Unit costs Paul Samuelson (1915 - ) Chapter 4 reviews the production structure of the neo-classical model Introduction Neo-classical economics General structure of the neo-classical model Production functions Cost minimization Impact of wage rate and rental rate Constant returns to scale Conclusions CHAPTER 4; PRODUCTION STRUCTURE International Trade & the World Economy; Charles van Marrewijk Factor price equalization (FPE) International trade based on differences in endowments results Rybczynski theorem (Ryb) Stolper-Samuelson theorem (St-Sa) Heckscher-Ohlin theorem (H-O) An increase in the price of a final good increases the reward to the factor used intensively in the production of that good and reduces the...
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This note was uploaded on 12/02/2011 for the course ECONOMIC 110 taught by Professor Kearl during the Fall '11 term at BYU.

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chap04 - Introduction Neo-classical economics General...

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