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DUMPING: Selling the same good to a foreign country at a lower price, often below production cost, than that charged to the domestic buyers. Dumping usually occurs because -- (1) producers in one country are trying to stay competitive with producers in another country, (2) producers in one country are trying to eliminate the producers in another country and gain a larger share of the world market, (3) producers are trying to get rid of excess stuff that they can't sell in their own country, (4) producers can make more profit by dividing sales into domestic and foreign markets, then charging each market whatever price the buyers are willing to pay.

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Lesson 4: Production Possibilities | Unit 5: Investment Page: 22 of 24

Topic: Bundle Choices: I <=PAGE BACK | PAGE NEXT=>

Now with bundle I (270 jogging shoes and 8 calibrators).
  • Producing 8 calibrators has added even more to the economy's capital.
  • The cost of these 8 calibrators is 180 pairs of shoes compared to A, and the extra 4 calibrators compared to bundle E is 140 pairs of shoes.
  • These 8 calibrators have increased the quantity of resources even more than bundle E, leading to an even greater shift of production possibilities curve.
  • Tomorrow's production possibilities curve is even farther out than today's curve. There is more growth and a bigger shift in the curve.

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FACTOR DEMAND ELASTICITY

The elasticity of a factor demand curve is affected by four items: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded becomes more or less sensitive to changes in the factor price.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for defective microphones.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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