Comparative advantage specialization and gains from trade

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Comparative advantage specialization and gains from trade발음듣기

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Let's now move away from the world of the hunter-gatherer and into the dinnerware market.발음듣기

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So let's say we're going to talk about two products - two types of dinnerware.발음듣기

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We'll have cups on this axis, and we will have plates on this axis.발음듣기

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And let's say we have a producer, Charlie, and if he were to focus all of his time on cups, he could produce - let me put these [labels]10, 20, 30.발음듣기

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So if he were to focus all of his time on cups, he could produce 30 cups, and if he were to focus all of his time on plates, he could produce 10 plates.발음듣기

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And we're going to assume he has a linear Production Possibilities Frontier.발음듣기

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So, this is what his PPF is going to look like.발음듣기

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We draw a little bit, actually connect the 2 dots, so that's.. I want to make it more looking like a line, so that's about as good as I can do.발음듣기

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So that right over there is the PPF for Charlie.발음듣기

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Now let's think about his opportunity cost.발음듣기

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And because this is a linear PPF his opportunity cost does not change.발음듣기

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The slope of this line is not changing.발음듣기

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It's not that bow-shaped curve that we saw for the hunter gatherer.발음듣기

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So it's going to be a fixed opportunity cost for one product relative to the other, at any point along this production possibilities frontier.발음듣기

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So let's say we're sitting over here, this will just make things simple to just think about the end points, and he's producing 30 cups, what is his opportunity cost of producing 10 plates?발음듣기

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Well to produce 10 plates, he's going to have to give up those 30 cups.발음듣기

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So his opportunity cost of producing 10 plates, is equal to 30 cups.발음듣기

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Or if you want the opportunity cost for one plate, you just divide both sides by 10, and so you get the opportunity cost of 1 plate, is equal to 3 cups. That's fair enough.발음듣기

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Now let's think about the same scenario or let's think about another producer, in this market for dinner ware. Let's call her Patty.발음듣기

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If Patty focused all of her time on cups she could produce 10 cups in a day and if she focused all of her time on plates, she could produce 30 plates in a day.발음듣기

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So that is..발음듣기

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And she also has a linear production possibilities frontier, so that right over there is the PPF for Patty.발음듣기

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And let's think about her opportunity cost for producing a plate.발음듣기

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So the opportunity cost, if she's sitting right over here, and she was focused all on cups, and if she wanted to produce 30 plates, and I'm intentionally using the end points to make the math more obvious.발음듣기

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If she wanted to produce 30 plates then she would have to give up 10 cups.발음듣기

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So her opportunity costs to produce 30 plates is equal to 10 cups.발음듣기

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Or if you divide both sides by 30, the opportunity cost of her producing 1 plate, in terms of cups, is 10 divided by 30, is 1/3, 1/3 of a cup.발음듣기

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Now this is interesting, we can now compare their relative opportunity costs.발음듣기

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The opportunity cost for Charlie to produce a plate is 3 cups, the opportunity cost for Patty to produce a plate is 1/3 of a cup.발음듣기

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So for Patty, especially when you measure it in terms of cups, it is cheaper for her to produce a plate.발음듣기

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She has a lower opportunity cost than Charlie does in producing plates.발음듣기

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So relative to Charlie, we say, because her opportunity cost is lower in producing plates, 1/3 relative to 3, we say that Patty has the comparative advantage in plates, relative to Charlie.발음듣기

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And it's not just because she can produce -발음듣기

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We'll see situations in maybe the next video where we'll actually show this.발음듣기

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It doesn't even have to be the case that she can produce more plates in a given day.발음듣기

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This is not why she has a comparative advantage.발음듣기

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This is called an absolute advantage, and we'll talk about that more.발음듣기

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She has a comparative advantage because her opportunity cost is lower.발음듣기

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Her opportunity cost for producing a plate is lower than it is for Charlie.발음듣기

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Now let's think about it the other way around.발음듣기

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Who has a comparative advantage in cups?발음듣기

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Well, if we divide both sides of this right over here by 3, well let's swap both sides, so the opportunity costs for Charlie of producing 3 cups, is equal to 1 plate.발음듣기

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Or if you divide both sides by 3, opportunity cost of 1 cup is 1/3 of a plate.발음듣기

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If we go to the situation for Patty, let's swap these 2 around, the opportunity cost for 10 cups is 30 plates.발음듣기

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If you divide both sides by 10, the opportunity cost of 1 cup is equal to 3 plates.발음듣기

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And obviously, and we've talked about this before, the opportunity cost of 1 incremental unit is the same thing as the marginal cost of a cup.발음듣기

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But anyway, who has the lower opportunity cost for producing cups?발음듣기

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Well, let's see, Charlie can produce a cup, or Charlie's opportunity cost for producing an extra cup is 1/3 of a plate, and Patty's is 3 plates.발음듣기

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So Charlie has the lower opportunity cost for producing a cup.발음듣기

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So, it's only 1/3 plate relative to 3 plates.발음듣기

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So this is where Charlie has the comparative advantage.발음듣기

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What we're going to see is if both of these parties specialize in their comparative advantage and then trade, they can get outcomes that are beyond each of their individual production possibility frontiers.발음듣기

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So what we can see is, for example, they can get an outcome where they are each able to get 15 cups and 15 plates, which would have been impossible left to their own devices.발음듣기

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So let's see how they can actually do it.발음듣기

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So we've said that Charlie has a comparative advantage in cups.발음듣기

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His opportunity cost of producing a cup is lower than it is for Patty.발음듣기

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It's only 1/3 of a plate relative to 3 plates.발음듣기

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So let's make him specialize in cups. So cup specialties.발음듣기

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So he's going to specialize in cups, and Patty, for the same reason, is going to specialize in plates.발음듣기

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So Charlie specializing in cups means he's going to focus only on cups.발음듣기

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So he's going to produce 30 cups every day.발음듣기

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And Patty specializing in plates means that she's going to produce 30 plates every day.발음듣기

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(Let me do this in a different color: magenta).발음듣기

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She's going to produce 30 plates every day.발음듣기

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Now imagine, I'm going to make an assumption here, but imagine that they both do that but they don't each only want to have what they're producing they want to have some combination of them, so they decide to trade.발음듣기

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And I'm going to fix the price here.발음듣기

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We're going to talk more about markets in the future.발음듣기

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But I assume that they agree to trade at 1 cup for 1 plate.발음듣기

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And this makes sense for either of them because this trading price, or this market price, is lower than their opportunity cost.발음듣기

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So here's Charlie, he's got all of these cups, left to his own devices, if he wanted an extra plate he would have to spend 3 cups but now in the market, with this price over here, he only has to spend 1 cup for an extra plate.발음듣기

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So, this makes sense for him because the market price is lower than his opportunity cost.발음듣기

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So he would definitely rather get a plate in the market than have to do it by producing it himself.발음듣기

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It‘s cheaper this way.발음듣기

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And the same thing for Patty.발음듣기

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She has all of these plates, but if she wants a cup, left by herself, she would have to spend 3 plates to do it.발음듣기

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She would have to give up 3 plates.발음듣기

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But now in the market, she would only have to give up 1 plate.발음듣기

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So this is a good deal, this is lower than her opportunity cost.발음듣기

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So she'll want to transact.발음듣기

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And so they can do, each of them, so for example, Charlie could keep trading cups for plates and he could end up anywhere on this line over there.발음듣기

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And Patty could actually do the same thing: she could trade the cups for plates and end up someplace over there.발음듣기

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But obviously where they end up is dependent on how much the other one is willing to trade.발음듣기

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But let's say that they both want to get to that 15-15 scenario so they can both trade 15 cups to the other person.발음듣기

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So Charlie could trade 15 cups for 15 plates and obviously Patty would be trading 15 plates for 15 cups.발음듣기

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And they would both be able to get right over there.발음듣기

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Which is a situation that was unattainable left to their own production possibilities.발음듣기

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So hopefully you found that interesting.발음듣기

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By specializing they could get these gains of trade.발음듣기

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They specialize in their comparative advantage.발음듣기

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