经济学基础(著名讲师)

《经济学基础(著名讲师)》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、AnIntroductiontoInternationalEconomicsChapter3:TheStandardTradeModelDominickSalvatore3-1ShandongUniversityofFinanceIncreasingopportunitycostsIncreasingamountsofanotheritemmustbegivenupinordertoreleasesufficientresourcestoproduceonemoreunitofagivenitem.Whatleadstoincreasingo

2、pportunitycosts?Non-homogenousfactorsofproductionFactorsthatarenotusedatconstantfixedproportionsinproduction2ImplicationsfortheproductionpossibilityfrontierThemarginalrateoftransformation(MRT)increasesasmoreunitsofgoodXareproduced.Themarginalrateoftransformationisanothernam

3、eforopportunitycost.ThevalueofMRTisgivenbytheslopeofthePPF.XY3CommunityindifferencecurvesAcommunityindifferencecurvedisplaysthecombinationsoftwoproductsthatofferthecommunitythesamelevelofsatisfaction.CharacteristicsofcommunityindifferencecurvesNegativeslopeConvextotheorigin

4、Differentcurvesdonotcross4AcommunityindifferencecurvemapThemarginalrateofsubstitution(MRS)fallsasmoreofgoodXisconsumed.TheMRSistheamountofonecommoditythatmustbegivenupasonegainsadditionalunitsofanothercommodity.IIIIIIXY5TheautarkyequilbriumAutarkyexistsintheabsenceofinterna

5、tionaltrade.Theautarkyequilibriumoccurswhenmaximumsocietalsatisfactionhasbeenobtainfromavailableproduction.ThiswilloccurwhenonecommunityindifferencecurveistangenttothePPF.XYIIIIII6TheautarkyequilbriumFortheindicatedcase,theequilibriumoccursatthetangencyofcommunityindifferen

6、cecurveIIandthePPF.Giventheconvex,downwardsloping,andnon-intersectingnatureofcommunityindifferencecurves,onlyonesuchtangencywillexist.XYIIIIII7RelativepricesTheequilibriumrelativecommoditypriceinisolation(orautarky)isgivenbytheslopeofthetangent.TheslopeofthistangentisPx/PYo

7、rthepriceofgoodXdividedbythepriceofgoodY.ThisslopealsogivestheopportunitycostofproducingXintermsofforegoneunitsofY.XYII8TradeinthestandardmodelTradeinthestandardmodelisdrivenbydifferencesintheopportunitycostsofproduction.Opportunitycostmaybedeterminedbytheslopeofthetangency

8、attheautarkyequilibriumpoint.YXNation1YXNation29TradeinthestandardmodelInthiscase,