. . . . . entries for 8.1.07 . . . . .
I thought this was rather amusing. :P It's about economics, so people may or may not be able to follow it, but hopefully you'll get the idea.
Frank: one problem is the data they give doesnt line up with mathematics (in these morton worksheets)
if you're going to do a graphical approach, you need to actually give mathematically sound data
me: sure.
and what Morton are you referring to, if you have it?
I have my book with me.
Frank: activity 50
me: how is this not mathematically sound? :P
Frank: part H
try writing the equation of the line for us bagpipes
me: does it strike you as absurd that we're supposed to be better at making bagpipes than Scotland? :P
Frank: yes
but still, its not mathematically sound
me: I'm drawing the PPF, hold on.
Frank: simply having the lines O=5/4B has a positive slope, and not having any intercepts will created only one interception point, at B=0
me: you may be thinking about this too mathematically, my dear. :P
Frank: it has to work though! :P
me: PPFs are always concave to the origin - in other words, they have a negative slope, regardless of what you think they should be doing mathematically.
Frank: right
the trade off is the absolute value of the slope
that means that for US Bagpipes, B=-4/5O+C
that C happens to be 12/5
sorry, that B equation is for scotland
so when it says 7.5O and 6B, those numbers dont work in the equation
me: hold on a sec. lemme work through this my way, with lots of PPFs and thinking and fewer equations. :P
Frank: :P
sadly, my dear, i have to leave for viola; however, please explain, as i look forward to reading the explanations later (really, i do; i hate this lack of understanding :P )
me: okay, goofball. :P
we have a production period of sixty hours.
so draw your PPFs, or just conceptualize it, whichever you want.
before specialization, Scotland can produce either 15 tons of oats or 12 bagpipes in the production period.
the U.S. can produce either 20 tons of oats or 30 bagpipes in the same length of time.
now look at the question again: the terms of trade are one for one.
so correct each of the two PPFs to have slopes of negative one, with the shared intersection being on the point further from the origin - oats in the case of Scotland, bagpipes in the case of the States.
on the new curves, Scotland gets fifteen total units and the States get 30 total units.
because the ratio is one to one, all you do is subtract the six bagpipes from the total of fifteen units for Scotland, and you get nine tons of oats.
so Scotland's net gain is a ton and a half of oats through specialization.
voila. :P
incidentally: the U.S. gets only six tons of oats and twenty-four bagpipes.
what the hell we are going to do with all those bagpipes, I will never know. :P
come home?
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turtles! turtles! by araglas
(heavily modified by yours truly)