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ECON 1000 Final: Final Exam Study Guide

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Department
Economics
Course
ECON 1000
Professor
Nick Rowe
Semester
Fall

Description
University of Carleton -ECON 1000- Final Exam Study Guide Econ 1000:Week 1; Lecture 1 – Syllabus and Introductory Concepts  Contact Information: [email protected] / 613-520-2600 ext. 3778 / Office; Loeb B843 / Office Hours – Wed 1:00 to 2:00 and Fri 10:30 to 12:00  Required Textbook:6 CanadianEdition,PrinciplesofMicroeconomics andPrinciplesofMacroeconomics,Mankiw,Kneebone,andMcKenzie  Two AssignmentsinDiscussionGroups,onemidtermandone finalin bothsemestersat 5%, 10% and35% respectively.  Whatis Economics? o 1. It’s allaboutMoney(not reallythough,thisis a bad answer/explanation)  Moneyisn’tveryrelevantto Economics o 2. AllocationofScarce Resources.(Generallynotrenewable- resources)  Whogets theseresources?  Whatproductscan be madewith saidresources?  How dowe acquirethese resources?  Markets can helpidentifywhere andwho scarce resources will be acquiredby. o Economistsstudyhumaninteractionbystudyingthechoices peoplemake withthe purchasingpowertheyhave. o 3. RationalIndividualChoice&Equilibrium  Economistsapproachsocialscienceandthe studyof peoplethroughtheselens’.(Be knowledgeableofthese concepts tohelpeasilyunderstandourstudies.) o 4. Whateverit is thatEconomistsdo.  Youneed to understandandbeableto translatethemath to English,meaningyouneed toknowwhat a graph or a mathequationmeansona globalscale or a scale of humaninteractionandbeabletoreiterateit. o  10 PrinciplesofEconomics o 1. Peopleface tradeoff o Example1:  L = 10 (10 Hectares ofLand)  A = quantityofapples(tons)  B = QuantityofBananas(tons)  La (landgrowingappletrees), Lb (landgrowingbanana trees)  La + Lb = 10  ThereforeA=La  ThereforeB= 2x Lb  *Graphs,MathandWordsare all interchangeable betweeneach other whenit comes toeconomics. *CONTINUEDON THE NEXT CLASS 2 th Econ 1000 – Week1, Lecture2, Sept 9  Graphs can give information about relations between production and quantity. (Production function)  Some graphs can help us understand tradeoffs. o Opportunity cost is the term that describes trade-off between choices. o Ex. Buying anti-dandruff shampoo compared to conditioner, buy conditioner you get soft hair but risk getting dandruff and vise-versa. o What you have to give up in order to gain more of something else.  Production Possibility Frontier; the point that separates two lines in a graph when used in economics. It describes the relationship of production and opportunity cost when balancing production of multiple products. o This also separates the feasible and non-feasible points and possibilities in a graph.  You don’t face trade off as long as there is no scarcity, scarcity = trade off.  Satiation – Latin for enough, i.e satisfaction. The only time you will not have scarcity of resources.  Scarcity = no longer wanting anything else.  Tradeoff and opportunity cost are generally very similar.  The slope of a line can sometimes equal the opportunity costs in a graph. o Slope’s of straight line PPFs are always the same value. o When PPFs are curved the opportunity cost is constantly changing.  PPFs that have curves have multiple variations of costs associated with production of their products.  I.E; Resources, labor costs, energy costs, transportation costs, etc.  Opportunity cost can also be defined as reciprocals in a graph.  Economic problems can all be translated from words, to math, to graphs and they are all interchangeable within each other.  So how does our economy work? o It’s not easy to understand. o Billions of people and a countless number of markets and goods all contribute to relations that create an economy. Rational People Think at the Margin: o Involves understanding the opportunity cost and a decision on whether what good or product is more of a necessity in any certain scenario. o CONTINUED NEXT WEEK** 2 ECON 1000- Lecture 3 – Week 2  PASS: Wed @ 10-1130am (PA 240) or5:30-7pm (PA 101)  Principle5: Trademakes everyone betteroff; o Specializationandinterdependencemakeseveryone better off. o Everyoneconsumesa varietyofgoods whileat the sametime we producespecificgoodsthatare specificto our skills o The globaleconomyandothereconomiesare interdependent; we needeveryone else’sskillsand producetobe sufficient. o We specializeisbecause everyoneis differentand possess differentskillsets  Thisis calleda comparativeaheadadvantage o Economiesofscale are a term thatdescribesthatdependingon what we producethe same goodswill be cheaperto buy. Principle#6 o Markets produce,buyand sellon theirown willaccordingto a country’sor economy’s skills. o If youwant to consumesomethingthat’saccessiblefrom the market thenmake sure it’s onthe market. o Economiesthatcan producetheirown markets are goingto succeed overothers. o Coordinationmechanism: Marketsseeminglycoordinatetheir relationsontheirown duesupplyanddemandinmarkets. o Raisein prices can meanthatsocietyis consumingtoomuch whileproducingtoolittle,thusthisprice raise gives incentiveto producemore to make it cheaper. o Pricinggives signalsandincentivestoeconomiesto act and follow.  Principle# 7: Govt can sometimes improve market outcomes o Sometimesmarkets don’tdovery well o Youcan’t havea market unlessyouhavepropertyrights. o The Gov’tsets equalrules(definement,andenforcementof propertyrights)to ensurethatdisputesaresettledfairlyand makes sure conductis appropriateforthe market. o There are cases where markets can fail(market failure)  Monopoliescanbeone ofthese markets.  Pollutioncanalsoleadto marketfailure.  Principle#8: A country’s standardof living dependson its abilityto producegoods and services o Most ofthe timeproductivitydeterminesstandardoflivingfor closedeconomies. o But for openeconomiesit can be slightlydifferent, o Rises anddecreasesofprices when buyingandsellingcan affect standardofliving. Therefore,prices can reflect standardof livingfor some countries.  Principle#9: Prices Risewhen the Government Prints too Much Money o Canada’sannualinflationis2% o Inflationcanbe describedas thefallingprice ofmoney(supply anddemand) o Andthe bankscontrolthemoneysupply o If there’stoomuch it’s valuedecreases andifthere is toolittle moneythanitsvalueis increased. o Countrieshavedifferentinflationratesdueto thefact that differenteconomieshavedifferentproductivitylevels and becauseof thatvaluesintheirdollaris differentregardlessof inflation.  Principle#10: Society faces a short-run tradeoffbetween inflation and unemployment o There is a negativecorrelationbetweenunemploymentand inflation. o The graphofthis relationshiprevealsthatitisa trade-off. o Phillipscurve(curvethatappearsonthe graph) 2 o Unemploymentisa sign of unproductivity;10%unemployment meansa loss of10% productivity. o Unemploymentismuch worse thaninflation. o It’s onlya short-runtradeoff.. o Stagflationbecamea term in the longrun.(stockcrash) o Inflationgrewwith unemployment(stockcrash) 3 Econ 1000 – Week 2 – Lecture 4  David Ricardo’sdifficultideaandcomparativeadvantage o Free tradegenerallyalways benefitseveryone  Opportunitycostsofproducingdifferentgoods means you losea certainamountofanyproductjustfor producing somethingelse.  Thatis whywe trade,to make up for the opportunitycost. o Autarky(no trade)  If youwant to consumeit,you needto produceit.  Whenyou tradeyou can change your productionandconsumption rates,ina free market thattradesproductionandconsumptionare two very differentthings.  Tradewithoutmoneyis just bartering  Supplyanddemandrarelyequaleach other  Prices generallydictatehowcountriestradeandwhattheytrade.  Profit can be madefrom internationaltrade,becausepricesbetween countriesfor goodsvarydependingonsupplyanddemand.  Possibleprofitsgiveincentiveonpeopleto trade,thuscompetition becomes a verypopularthing.  As more competitionincreasessodoesdemandfor thegoods being traded.  Whenyou get importsforyour exportsthesupplyfor the imports increase,thusloweringthe pricesof thoseimports. o Whentradinggoods betweencompetitionthiscompetitioncan bringpricesbetween goodscloser to beingthe same. o Transportationcostsandlabourcostsalsoaffect tradeand pricing.  Consumerpreferencescan alsodictatewhat andhowgoodsare produced.  Specialization:agood or service a countrycan producemuch cheaper thanothercompetition.  Whencountriesonlytradecertain productswitheach otherit generallybenefitsbothofthem. (ThinkUSA andCanadaastrading partnersandwhytheytradeso much.)  Generally,for graphs,x andy relatein graphs. o In economicsthe graph axisallrepresenttheirown beingand don’tnecessarilyalwaysrelateto one another.  Tradeandspecializationcanchange PPFs andsupplyanddemand pointscanbe totallydifferent.  Withtradethere are endlessamountofgoods thatcan be acquiredat differentprices.  Withtradedifferentgoods become affordable. 2 Econ 1000 – Week 3 – Lecture 5  To helpsolveproblemsandunderstandhowindividualeconomic relationsoperate,economistsusegraphs,examplesandcharts.  Whenyou havea lower opportunitycostthanacompetitorfor the same productthanyouhavea comparativeadvantage.  Whenyou havethelower resource cost you havean absolute advantage.  Whenyou havenocomparativeadvantagestradingisuseless.  Assumptionshelpidentifyspecificsolutionswhenusingexamplesas well as when tryingto describe aneconomicrelation.  Assumptionsalsosimplifyproblemsandmathinorderto findrelations andthe cause andeffect ofthoserelations.  Prices can alsoaffect trade andproductionaswellas exporting  Whenyou can’t competewith imports,yourunemploymentincreases.  Whenexchange ratesdrop itallowstradingandprofitsto increase.  BankofCanadacanchange andfix exchangerates bythe rate atwhich theyprintmoney.  BankofCanada’smonetarypolicycanhaveadverse or positiveaffects dependingonthescenario.  Greece has the samedollaras manyEU countries. Whichispartof the reasonwhytheyfailedto competewith othercountriesinthe EU, which in turnledhigher unemploymentrateswhicheventually destroyedtheireconomy.  Prices can havea major-effect on howoftenproductsare boughtand sold,there is a range thatvariesbetween profitsandavailability.  Exchangerates want tobe as high as possiblejustenoughthatit doesn’taffect demand.  Tradingcan allowyou to acquirecertainproductsandservices by givingup thingsyouhavethatothersdon’t.  Chapter4 o Whatdeterminestheprice andquantitythatpeoplebuyand sell? Demand.. o Quantityofdemandisdifferentthanthe quantityyouwantto buy o Demandis dependentonprices,if itslower higher demandifits higherlower demand.  Substitutioneffect o Whenprices varyamongproductssoconsumers choosethe cheaperone.  Income effect o Whenprices go downyou can affordmore, peoplethinkthey havemore moneywhen theyshopfor lower prices. o 2 effects go inoppositedirections,sellerslosemoney(lower price) – buyersbuymore. o Whenprices go lower buyerscan affordto purchasemore. CHAPTER 4 CONTINUESON NEXT NOTE IN THE NEXT CLASS* 2 Econ 1000 – Week 3 – Lecture 6  Quantityofdemanddependsonpricesofyour goodsor other goods, income as wellas preferences,andmanyothervariables.  If youare tryingto grapha multi-dimensionalproblemon2-dimensional objects,then youneed tohavesome ofthe variablesasconstants.  Demandcurves dependonhundredsofdifferentvariablesinmodern daysociety.  Demandcurves allowyouto isolatevariablesandtheirrelationshipas pointsona graph.  Whenyou keep othervariablesasconstantsyoucan find different demandcurves,andtheyoftenshiftpointsongraphs bychangingthe constant.  If a productisa substituteforanotheritshiftsthe curve tothe right,ifit is a complimentfor anotherproductitshiftsthecurve to theleft.  Increase in quantitydemanded,is a movement alongthe demand curve  Increase in demand,a shift in demand curve  Whenwe saydemand,whatme meanis thatthe ‘wholerelationship betweenquantitydemandedandprice.’  Price is yaxis,quantityisxaxis  Fallin a price does notcause thedemandcurve toshift,itcauses an increasein quantitydemanded.  A change in othervariables(constants)thosecauseanincreaseor decrease indemand(demandcurveshift).  To finda demandcurveofmore thanone (2 demandcurves)the price axisremainsthe same butyou justhavetohadbothofthe quantity demandedpointstogether.  Re-distrubutingincomewithdifferentpreferences can change demand curves,market demanddependsontotalincomeas well as distribution ofincome.  Quantitysuppliesistheoffer to sell,it’sthe amountyouwant tosell or are currentlyselling.  To sellyou needto havea buyer,customers.  Quantityofsuppliesofa productdependsontheprice of thesame product.  Youneed to thinkatmargerins,ifIproducemore or lesswill Imake money?Do I produceonemore of productx? Doesprofitincrease? Thentry toproduceone more andrepeat.  Firms incentivesat themargins.Price changesand profit increases.(dependsontherelationshipofcourse)  Quantitysuppliedonxaxis,price on yaxis,graphpointsandyouget the supplycurve. Prices when theyincrease,increase thequantityof supplied,(increaseonx axis)nota shift ongraph.  If price ofinputs(labourcosts,land,wages,etc)goes down, it increases supply(horizontalincreaseonaxis)negativerelationshipbetweenprice ofinputsandquantityofsupplies.  Better technologywillincrease quantityofsupply  Demandcurve andsupplycurves criss cross on thesame graph.  In the middlethequantityofsupplyequalsthequantityofdemand 2 Econ 1000 – Week 4 – Lecture 7 CompetitiveMarkets:  In a competitivemarket there’slotsofbuyers  Each buyeris a small partofthe market (demand)  Lots ofsmallsellers,each selleris a smallpartof themarket  In a CMall we care aboutisthe price ofthe productandthe amount beingsold  We can place boththedemandandsupplycurveon the samegraph, theyare generallyperpendiculartoeachother.  At thepointwhere the curves intersectis known as theequilibrium price.  Whichmeans thequantitysupply=the quantityofdemand,we are basicallygettingour productsatthe price we want.  On thisgraph when we buywe can onlybuythe amountthatis supplied,evenifwe want250, ifthere are only100 ofx productthen we can onlypurchase100.  If youwant to maximizeprofitsthenyoucan adjusttheprice at the margin,butwhywouldbuyers purchaseata higher price?  Wellif thereis less supplythendemandthenbuyerswillmost definitelybuymore from differentmerchantsto fulfilltheirdemands regardlessofprice.  If there’sstilla shortageofsupplyafter a price raiseanddemandis stillkickingthenyou thinkat themargin andraise theprice again.  After the equilibriumpointandpriceskeep raisingthendemandwill decrease.  In competitivemarkets,at the equilibriumiffirm’s raisetheir price thandemandwilldecrease becausebuyerscan findcheaperprices at thispoint.  Prices can onlyraisebefore the equilibrium.  If demandisdecreasedabovetheequilibriumpoint,thenyou decrease yourprice to sell more ofyourproduct.  Abovethe equilibriumpointeveryfirm is sellingproductx for a generallyhigher price.  But ifyoucut yourprice abovethispointthenbuyerswillprefer you becauseyou gave themincentive.  Thusthe demandandsupplycurve’sare a game oftugandwar betweenprice, demandandsupply.  Individualinterestsamongthebuyersandsellers willhelpinfluence the supplyanddemandcurves.  Exam question: o Draw theoriginalgraphbefore the variable. o (p0,q0) – equilibriumorwhateverpointsaregiven. o Does the variableaffect demandorsupply?Maybe both? o Whichway willit shift eithercurve? o How doesthataffect equilibriumpriceandquantity. o A latefrost wouldprobablyaffectsupply,i.e.you can grow for a longer timeperiod. o Left shift(shiftsare notvertical)is a decrease insupplyor demand,whenone curveshiftsit changes the equilibriumpoint. o Remember x determinesyon graphs,so when we shift left or right onthe x axis,it will affect prices. o Whendemanddecreasesand pricesincrease we generallysee a shiftto the left onthe x-axis. o Profits dependontheshapeandslopof demandcurves.  ElasticityofDemandcurves: o Right shiftsofthe demandcurve raisebothprices anddemand. o Right shiftsofsupplycurves generallylower prices butraise quantityofsupply. o I.e: A diseasemakes applestasteworse, thereforebothdemand andsupplydecreaseshiftingbothcurves to the left. o Manyappleshavediedso theyare lessquantiful. o If theytaste worse peoplealsoare buyingless. 2 o If two curves shiftthe exactlysameamountit is a generalfluke. o Shocks can bothraise or lowerprices. o  Chapter5:Elasticity o We don’tuse slopeto definehowcurves change. o We use percentageswhich is called elasticity. o Elasticityofdemand(priceelasticityofdemand): o %changein Qd / % Changein P (division) o Fallin price andrise in quantityarenegativeandpositive reciprocals,forget the negativerules. o Same percentage fallin price, ifone demandcurvehasa higher change in quantitythanithasa betterelasticity. o Elasticityandslopeare notthe samething. o But theydo havea relationship,  E= change in quantity/change inprice  E = 1/slopex P/Q 3 Econ 1000 – Week 4 – Lecture 8  E= %change in Qd / %changein P (elasticity)  Midpointmethod:usethemiddlepointbetweentwo pointsto calculatethe %change between two points.(averagebetween two differentpoints).  E = change inQd / ChangeP x P / Qd  Slope= change inprice / change inQd  E = 1/ slopex P/Q  Slopeandelasticityare negativelyrelated.Bigslope= smallelasticity, smallslope= bigelasticity  Elasticitycanchange dependingonthe pointsthatitlieson.  If p/qis bigthanElasticitywillbe bigas well  If p/qis smallthanelasticitywillbe smallas well.  In otherwords,as you movedownalonga straightdemandcurve,the slopewill remainthesame but elasticitywillcontinuetoget smaller.  Totalrevenueis the area(PxQ) ofrectanglesthatfrom byconnecting pointstothe yandx axisonthe graph.  UnitElasticDemand Curve,E = 1  If E = D (everywhere) thentotalrevenueis the sameeverywhere.  TotalRevenue= p x q  E < 1inelastic(price goes down sodoes totalrevenue),E > 1Elastic (price goes down,totalrevenueincreases)  Perfectly inelastic,E= 0  Perfectly elastic,E = infinity ElasticityofSupply:  E = % ChangeinQs / %change inP  Elasticityisthe same amongmost supplycurves  Anysupplycurvethat’sstraightcomingfrom theoriginhas an elasiticityof1.  Inelastic,E <1  ElasticE >1  Income Elasticityofdemand= %change in Qd / %change inincome  E > 0‘normal’  E < 0“Inferior Good”  If bothpriceand incomeelasticityis onethanyou are alwaysspending the same incomepercentage onthe product.  E > 1,‘Luxury’ (normal)  0 0 = substitute o < 0 + compliments o 2 Econ 1000 – Week 5 – Lecture 9 Price Ceilings (max) and Floors (min) – Chap6  Can’tgo aboveprice maximumor belowprice minimum  Quantityboughtandquantitydemandedare2very differentthings.  Quantitysoldandboughtisquantitysupplied  Q = min { Qs, Qd} “Shortside rule”  Price andquantitydropswhenyouset price maximums  Bigger %change in quantitysuppliedper1% price increase.  Supplycurves tell youhowmuch firms want to sellgiven the amount ofthe price.  If rationingendsupinqueing,allthattime wasted inqueingis just wastedtime.  For price maximums,the quantityactuallyboughtandsoldis equivalenttothequantityofdemand.  Withprice maximums,price dropsgenerallydon’taffect quantity suppliedunlesstheyarepermanentdrops.  Whenwe spendtime andresources‘polishing’ormakinga product standoutcomparedtothecompetition,itcan eitherraisethe price of our productorforce the competitorstodothe same thing. Eventually every competitorwilldothe same thingandsaturatethemarket to the pointthatthis‘polishing’meansnexttonothingto thebuyer.  One way inwhich governmentscan change what happensinmarkets is throughprice change.  Anotherwayis throughtariffsor subsidies.  If thereis a tax thatraisesprice, supplydoesnotincrease althoughthe price does.The produceris stillonlygettingwhat theyoriginally producedfor even thoughtheprice has raised. Therefore,supplyis unaffectedbytaxes.  Shiftson the demandandsupplycurvesare from price, anytimethe curves shift asa wholeits from anentirelydifferentuncontrollable variable.  Equilibriumcondition:Qd(Pb)= Qs(Ps)  Use wedges thatare same sizeas price andput it betweensupplyand demandtofind pointsonthosecurves thatwouldfindboththe buyersandsellers respectiveprices.Which isalso where Qd equalsQs (equilibriumpoint),thisiscalledthewedge method.  Therefore,the effect ofa dollartaxcouldmake the buyersprice increasebyx amountandthesellersprice decreases byyamountas well as the Quantitysuppliedalsocandecrease byz amount.  A lotof thingsalsodependsonelasticityofdemandandsupplycurves.  Demandcurves can tellyou theprice at which buyers buy.  Supplycurves can tell youthe price at which firms selltheirgoods at.  2 ECON 1000– Week 5 – Lecture 10  Government’scancollect taxesin two ways. o Sellers can directlypaygovernmentfor taxes o Buyers can alsopayfor taxin the price ofthegood.  Taxescan reduce incentives,ifyou are taxed,it can decreasethe incentiveto producethereforereducingthe quantityofsupply.  Taxesincrease theprice of a productfor theexact same quantitythat is supplied.(shiftsupplycurveup)(S+tax)  Taxesshift demandcurvesdown (the pricesthatsellers get)(D-tax)  No matterwhat when you havea tax,thesupplyanddemandcurves are affected the same, andyoushouldget the sameanswer for both curves when tryingto findthe equilibriumprice.  Whenprices exceed the equilibriumpointpeoplestopbuyingproduct x.  Governmentscancollect tax offofthe buyeror seller, it doesn’treally affect either differently.  Competitiveequilibrium:thepointona PPF where bothoutputsare creatingequalamounts.  Chapter6:  One way todecide howto allocateresourcesina societyis byallowing markets todecide where resources willbe acquired.  Market economiescan be fullofcluster, theycan be messy  But Marketsgenerallymanagethemselvesfairlywell  Willingnesstopay:Themaximumamountofmoneythatsomeone wouldbe willingto payfor a certainproduct.  Quantityofdemandcan alsobe anotherwayto explainthewillingness to payphenomena  Consumersurplus=WTP – P (willingto pay – price)  Consumersurplusisalsowhere you haveso manyconsumersthat some are more willingto othersto buyat extremelyhigh andrare prices.  The Supplycurvecan alsobe seen as the marginalprofitcurve, whereas thedemandcurvecan be seen as the willingto paycurve.  Supplycurve’s can have producer’ssurplus.  The equilibriumpointcanalsobe the dividerbetweenconsumer surplusandproducersurplus  Addedtogethercan be the totalsurplus. 2 Econ 1000 – Week 6 – Lecture 11  Totalsurplus=Consumersurplus+ producersurplus  The marginalcoststo producebefore theequilibriumpricewillgenerally alwaysbe the lowest.  After the equilibriumpoint,producersgenerallystopproducingbecause the marginalcost hasgottentoo large to reallymake it worthit to producemore. Basicallytheopportunitycosthasgrown too large.  Competitivemarketsmaximizetotalsurpluses.OfBuyers andsellers o But theyignore thirdpartieseitherifthey’repositiveornegative outcomes.  Pareto Improvement:Makes (at least)onepersonbetter off,andnobody worse off.  Not-ParetoOptimal:Possibleto reallocateandmakea Pareto improvement  Pareto Optimal:Notpossibletoreallocateresourcesto create a Pareto improvement.  Competitivemarketsarea goodthingbecause theylead topareto optimalcircumstances. Butdistributionofresourcesand moniescan alsochange things.  But for now,competitivemarketsgenerallyleadto paretooptimal scenarios.  Singlebuyers andsellersare so smallin competitivemarketsthatthey can barelyaffect pricingofgoods.  In competitivemarketsinvestorsandactors (peopleworkingwithin economy)haveno market power.  Withtaxes,sellers gainless moneythanbuyershaveto pay.(I.E 1$ tax- buyersbuyat 4$ where, as sellersget 3$  Taxesalsoshrinkboththe consumersurplusandproducersurplus. (Both loseon taxes)  Alsowhen there are taxes,it doesn’tmatterwho paysthe taxbetween buyersandsellers,it affects bothpartiesthesame.  Tax revenue= t x Q ,where t is taxandQ is quantityofproduct.  Totalsurpluscanalsobe seen as (consumersurplus+ taxrevenue + producersurplus)  Taxeseventuallyshrinktheamountoftotalsurplusescomparedtoa productbeforea tax.  Thisloss can be a deadweightloss,or netwelfare loss  Whentaxes can be included,itcan leadto notparetooptimal. Taxes thereforereduce the quantitytradedandreducesthegainsthatcan be m
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