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An Introduction to International Economics Chapter 3: The Standard Trade Model Dominick Salvatore Shandong University of Finance 3-1 Increasing opportunity costs ? Increasing amounts of another item must be given up in order to release sufficient resources to produce one more unit of a given item. ? What leads to increasing opportunity costs? – Non-homogenous factors of production – Factors that are not used at constant fixed proportions in production Shandong University of Finance 3-2 Implications for the production possibility frontier ? The marginal rate of transformation (MRT) increases as more units of good X are produced. – The marginal rate of transformation is another name for opportunity cost. – The value of MRT is given by the slope of the PPF. Y X Shandong University of Finance 3-3 Community indifference curves ? A community indifference curve displays the combinations of two products that offer the community the same level of satisfaction. ? Characteristics of community indifference curves – Negative slope – Convex to the origin – Different curves do not cross Shandong University of Finance 3-4 A community indifference curve map ? The marginal rate of substitution (MRS) falls as more of good X is consumed. – The MRS is the amount of one commodity that must be given up as one gains additional units of another commodity. X Y III II I Shandong University of Finance 3-5 The autarky equilbrium ? Autarky exists in the absence of international trade. ? The autarky equilibrium occurs when maximum societal satisfaction has been obtain from available production. ? This will occur when one community indifference curve is tangent to the PPF. Shandong University of Finance Y III II I X 3-6 The autarky equilbrium ? For the indicated case, the equilibrium occurs at the tangency of community indifference curve II and the PPF. ? Given the convex, downward sloping, and non-intersecting nature of community indifference curves, only one such tangency will exist. Shandong University of Finance Y III II I X 3-7 Relative prices ? The equilibrium relative commodity price in isolation (or autarky) is given by the slope of the tangent. ? The slope of this tangent is Px/PY or the price of good X divided by the price of good Y. ? This slope also gives the opportunity cost of producing X in terms of foregone units of Y. Shandong University of Finance Y II X 3-8 Trade in the standard model ? Trade in the standard model is driven by



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