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Lecture

Specialization.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Specialization The Gains from Specialization - Specialization doesn’t mean good become cheaper - Large markets allow for so much greater gains from specialization Comparative Advantage and Marginal Cost Curves - Comparative Advantage means production takes place at least cost - Slope of the production possibility curve at any point tells us the marginal cost of producing one more unit of something else o Height of the curve is the marginal cost of producing a given quantity - Marginal curves can slope upwards because different individuals have different costs of production was Marginal Costs and Supply Curve - Height of the marginal cost curve is the incremental cost from increasing output by an infinitesimal amount -
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