ECON 333 Final Formulas

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Last updated 5:21 AM on 5/4/26
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32 Terms

1
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consumer surplus

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2
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producer surplus

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MPL

private-owned line

<p>private-owned line</p>
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APL

public-owned line

<p>public-owned line</p>
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hire until line = wage

employment

<p>employment</p>
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(each worker MPL - wage) add total

Private-owned surplus

<p>Private-owned surplus</p>
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(APL*labor)-(wage*labor)

Public-owned surplus

<p>Public-owned surplus</p>
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consumer surplus

private-owned surplus

<p>private-owned surplus</p>
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0

public-owned surplus

<p>public-owned surplus</p>
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(old - new Q, up to MCP) / MCs MCp height difference

pollution tax producers

<p>pollution tax producers</p>
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(price MCs = MB - price MCp = MB) / ( MCs MCp height difference )

pollution tax consumers

<p>pollution tax consumers</p>
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20/5 = 4 TVs

what is the opportunity cost of making a car? (Country 1)

<p>what is the opportunity cost of making a car? (Country 1)</p>
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25/50 = 0.5 cars

what is the opportunity cost of making a TV? (Country 2)

<p>what is the opportunity cost of making a TV? (Country 2)</p>
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400 600 750 250

against atuarky
1: 40%, 60%
2: 75%, 25%

<p>against atuarky<br>1: 40%, 60%<br>2: 75%, 25%</p>
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atuarky / production

Production and consumption (expected w atuarky)

<p>Production and consumption (expected w atuarky)</p>
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against atuarky / production

Production and consumption (reality)

<p>Production and consumption (reality)</p>
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1: expected - actual or actual - expected

2: multiply by 3, flip sign

Trade (depends on comp adv)

<p>Trade (depends on comp adv)</p>
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production (reality) - trade

Consumption

<p>Consumption</p>
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consumption (after) - production and consumption (before)

Gains from trade

<p>Gains from trade</p>
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slope

Atuarky price

<p>Atuarky price</p>
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dot on the solid line

combination of production in autarky

<p>combination of production in autarky</p>
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dot on the solid line

combination of consumption in autarky

<p>combination of consumption in autarky</p>
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intercepts depending on specialization

combination of production in trade

<p>combination of production in trade</p>
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flatter, manufacturing
steeper, agricultural

How do you determine specialization?

<p>How do you determine specialization?</p>
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black dot NOT on solid line, marked with numbers

combination of consumption in trade

<p>combination of consumption in trade</p>
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free trade price

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tariff price

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difference between free trade and tariff price

tariff imposed

<p>tariff imposed</p>
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tariff imposed*(quantity difference)

import revenues collected by the government

<p>import revenues collected by the government</p>
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((after-before)/before)*100

effective rate of production

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EX-IM+investment income-debt+net remittance

Current account

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FDI+FPI-resident capital outflow

Capital account