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Microeconomics Practice Problem - Comparative Advantage and Gains from Trade

73 ratings | 18496 views
This video covers a practice problem on opportunity cost, absolute advantage, comparative advantage, and trade prices. The problem is taken from Principles of Economics, 6th Edition, by N. Gregory Mankiw, and is Ch. 3 problem #3. See the "Practice Problems" playlist for an archive of daily practice problems. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
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Text Comments (19)
Andrew Jefferson (2 years ago)
At the very end, it should be greater than only, not greater thank/equal to. Since, if it was equal to 1/2 then they wouldn't be better off.
benny mbilo (2 years ago)
It's Very helpful,since lit confused me on how to find opportunity cost from given hours of labor and from given output.Thank you
Gloria Cook (3 years ago)
This was so helpful!
Kendrick ross (3 years ago)
You rock Jodie!!!! Thanks
Hasmick Tadeoss (4 years ago)
all is good, but please try to explain calculating the last part of trade….
Uncle Chale (4 years ago)
Thanks ma'am! I just did my assignment
Stefanie Yuen (5 years ago)
This video is really helpful! Thanks a lot!
Ameera Alseiari (5 years ago)
Thaaaaank you very much .. This video is so helpful
Jose Laboy (5 years ago)
Watched it twice since it usually takes me the second time around if not the third for it to make sense. Great teaching style and fun to watch. I got it. Now to try some on paper so it sticks.
jodiecongirl (5 years ago)
Hahaha...pizza and beer is totally the new guns and butter. :)
mconnaghan (5 years ago)
The pizza from this place always gives me a tummy ache. I don't know why I keep going there. But half a large pizza tasted good.
mconnaghan (5 years ago)
That's how I roll.
jodiecongirl (5 years ago)
I might not do this exact problem, but I will consider taking a detour from Econ 101 to do an IS-LM problem soon. :)
jodiecongirl (5 years ago)
I seriously laughed pretty hard at this. I've had a crappy day, so thanks. :)
Emrah Ugurlu (5 years ago)
hi Jodie ,I'm really fascinated by you,way to go ...:) please try to solve that dinamic IS-LM problem ,here is the details for it : Co=20 , Go =10 , Io=20 c=0.75 t1=0.25 b=1,53 k=0,25 h=0,5 Mo =8 α(alpha) =0,1 β (beta) =0,8 let's say ,Central bank(or FED ) increased the Monetary supply to ''12'' ; therefore new intrest rate (r) and output (y) ? I'm looking forward the solution of that :)
mconnaghan (5 years ago)
Is it possible to do a study about the effect of sales of pizza and root beer after watching this video? Put me down for one pizza.
mconnaghan (5 years ago)
You probably mean deprived, though that does not necessarily mean you are not depraved.
jodiecongirl (5 years ago)
I'm going to try to post practice problems daily! We'll see how that goes. :-/
Yay, thanks for the new vid! I've been depraved for far too long! - I'll check it out after work.

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