We present a numerical version of the specific factors model of production/trade in a small economy, built in Excel. The model features the most common graphical devices used to explain the model properties. It differs from earlier work in that the solution is embedded in the sheet, making the use of the Solver add-in unnecessary. The equilibrium values and graphics respond instantly to changes in parameters/exogenous variables. The model can be used to demonstrate the usual properties (price-factor price relations, etc.) of the specific factors model.
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Paper provided by Utah State University, Department of Economics and Finance in its series Working Papers with number
200906.
Find related papers by JEL classification: A2 - General Economics and Teaching - - Economic Education and Teaching of Economics D5 - Microeconomics - - General Equilibrium and Disequilibrium F1 - International Economics - - Trade
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