V1. Demand & supply and the effects of trade
7 important questions on V1. Demand & supply and the effects of trade
What does the elasticity of supply depend on?
- Efficient producer has a less elastic supply curve > very flat supply curve
- Not so efficient producer has a very elastic supply curve > very steep supply curver
What is the producer surplus?
> Green triangle is producer surplus: close to the notion of profit, but not entirely
> White triangle is production cost
What is the quilibrium in a closed market?
total surplus = consumer + producer surplus
In a close market with no international producers (protectionist)
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What happens with the price if we open the market and the economy becomes an importing economy?
What happens with the price for an exporting economy?
What happens to the surplusses in an exporting economy?
> Producer surplus increases (red)
In conclusion: what are the effects of opening up to trade in an uncompetitive importing economy?
- Lower price
- Increase of consumer surplus
- Decrease of producer surplus
- Domestic producers are pushed out of the market
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