5标准贸易模型.pptxVIP

YOU ARE WELCOME !;International Economics;Chapter 5;Chapter Organization;Introduction;A Standard Model of a Trading Economy;A Standard Model of a Trading Economy;A Standard Model of a Trading Economy;Figure 5-1: Relative Prices Determine the Economy’s Output;;Relative Prices and Demand The value of an economys consumption equals the value of its production: PCQC + PFQF = PCDC + PFDF = V The economy’s choice of a point on the isovalue line depends on the tastes of its consumers, which can be represented graphically by a series of indifference curves. （一国在等产值线上生产点的选择取决于该国消费者的偏好，而消费者的偏好可以通过一系列的无差异曲线图示出来）;Indifference curves Each traces a set of combinations of cloth (C) and food (F) consumption that leave the individual equally well off（无差异曲线是在同一消费效用水平上棉布(C)和粮食(F)的消费组合的轨迹） They have three properties: Downward sloping The farther up and to the right each lies, the higher the level of welfare to which it corresponds Each gets flatter as we move to the right;;If the relative price of cloth, PC/PF , increases, the economy’s consumption choice shifts from D1 to D2. The move from D1 to D2 reflects two effects: Income effect Substitution effect It is possible that the income effect will be so strong that when PC/PF rises, consumption of both goods actually rises, while the ratio of cloth consumption to food consumption falls.（有这样一种可能，即当PC/PF 提高时，收入效应大到使两种产品的消费都增加，而棉布消费与粮食消费的比率却下降）;;The Welfare Effect of Changes in the Terms of Trade Terms of trade The price of the good a country initially exports divided by the price of the good it initially imports. （一国出口产品价格除以该国进口产品价格） A rise in the terms of trade increases a country’s welfare, while a decline in the terms of trade reduces its welfare. （个国家的福利随着贸易条件的改善而上升，随着贸易条件的 恶化而下降。）;Determining Relative Prices（相对价格的确定） Suppose that the world economy consists of two countries: Home (which exports cloth) Its terms of trade are measured by PC/PF Its quantities of cloth and food produced are QC and QF Fore