By Bharat R. Hazari
Quantity 265 of the Contributions to monetary research publication sequence covers, between others, topic components comparable to Tourism and exchange; A Two-Sector common Equilibrium version of a Small Open economic system; Non-Traded items and Tourism within the natural concept of alternate; Tourism, Taxes and Immiserization in a Two-Country exchange version; expense Discrimination, Tourism and Welfare; visitor staff and Resident Immiserization; phrases of alternate and Resident Welfare; Tourism within the Generalized Harris-Todaro version and local Immiserization; and progress in a Dynamic version of exchange.
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A two-sector model of a small open economy We consider an economy that produces two commodities, X1 and X2 : The aggregate utility function for the country as a whole is given by U ¼ UðD1 ; D2 Þ ð2:1Þ where U indicates total utility and Di ði ¼ 1; 2Þ the consumption of commodity Xi ði ¼ 1; 2Þ: The utility function is assumed to be strictly concave and Ui ¼ ›U=›Di ; the marginal utility of consuming good i is assumed positive. It will suffice to assume that the utility function is quasi-concave but for geometrical reasons the assumption of strict concavity will generally be maintained throughout the book.
347 – 385. Dixit, A. and V. Norman (1980), Theory of International Trade, Cambridge: Cambridge University Press. Eisenberg, E. (1961), “Aggregation of utility functions”, Management Science, Vol. 7(July), pp. 337 – 350. Ethier, W. (1974), “Some of the theorems of international trade with many goods and factors”, Journal of International Economics, Vol. 4, pp. 199– 206. M. (1964), The Language of Morals, London: Oxford University Press. M. (1965), Freedom and Reason, London: Oxford University Press.
As usual, we assume that the marginal utilities Ui ði ¼ N; 1Þ are all positive and diminishing, that is, the second-order derivatives are negative. 44 Tourism, Trade and National Welfare Given the assumption of utility maximization and (at a point of an interior solution) it follows that aDNa21 PN b21 ¼ P ¼ PN bD1 1 ð3:2Þ where the imported good is treated as the numeraire and its price, P1 is set equal to 1. Thus, at the point of interior equilibrium, the relative price of non-traded goods equals the ratio of marginal utilities.