ECON 1011 Study Guide - Midterm Guide: Absolute Advantage, Opportunity Cost, Comparative Advantage
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ECON 1011 Full Course Notes
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They want to make as much maize as possible: in the midwestern region of the united states, corn grows well, i(cid:374) the south of the u(cid:374)ited tates, (cid:272)o(cid:396)(cid:374) does(cid:374)"t g(cid:396)o(cid:449) (cid:449)ell. The need for food will increase: as the demographic shifts, the need for a good might increase, picture a bunch of hawaiians moving to new jersey. The need for spam might: stylized curves vs. If the price of inputs increases the supply curve will shift left as sellers are less willing or able to sell goods at any given price. It was extremely low: there was a major shortage that resulted due to the low price ceiling, party members had higher access to bread. Incidence demand: price to the demander before tax price to the demander after tax / tax, even though the statutory incidence is 100% on the demander, the supplier still pays.
