Microeconomics (Christopher T.S. Ragan) (z-lib.org)

Figure 32-6 An Imported Good An Imported Product Now consider some other product—for example, computer RAM chips. Once again, lo ...

13-1 , if the product price rises from $5 to $10, the MRP curve shifts to the right (even though the MP curve does not move). Fo ...

shown in Figure 32-6 , the world price of RAM chips is below the Canadian no-trade price. At this low world price, domestic dema ...

no effect on the market price of furniture. But all furniture-building firms taken together do have an effect on the equilibrium ...

Is Comparative Advantage Obsolete? It is sometimes said that the theory of comparative advantage is nearly 200 years old, and th ...

13. 2 The Supply of Factors When we consider the supply of any factor of production, we can consider supply at three different l ...

and by government policy than was previously thought. Thus, what is obsolete is the belief that a country’s current pattern of c ...

these levels of aggregation because the amount of factor mobility is different in each case. A given factor of production is oft ...

computers and failed miserably, wasting much public money in the process. The government of Ireland tried to create a comparativ ...

supply changes slowly. Each year, the stock of capital goods is diminished by the amount that becomes physically or economically ...

Applying Economic Concepts 32-2 Comparative Advantage and Global Supply Chains The discussion of comparative advantage developed ...

The number of people willing to work is called the labour force; the total number of hours they are willing to work is called th ...

production facilities to be located in different countries. Third, the current very low costs of communication and transportatio ...

Changes in real wages also play a role in determining the labour-force participation rate. A rise in the demand for labour, and ...

Such global supply chains even exist for some products that appear to have few “components,” such as fish. For example, a Canadi ...

Hours per Person The wage rate influences not only the number of people who want to work but also the number of hours that each ...

Third, traditional data on international trade does not capture the extent of integration in global supply chains. The iPhone as ...

choose to “spend” their higher wages on more leisure rather than just on more goods and services. The economy’s total supplies o ...

The Terms of Trade We have seen that world production can be increased when countries specialize in the production of the goods ...

The Supply of Factors to a Particular Industry Industry Most factors have many uses. A given piece of land can be used to grow a ...