Figure 8.1 depicts the supply and demand schedules of calculators for Greece, a "small" country that is unable to affect the world price. Greece's supply and demand schedules of calculators are respectively depicted by SG and DG. Assume that Greece imports calculators from either Germany or France. Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit, while France can supply calculators at $30 per unit.
Figure 8.1. Effects of a Customs Union
-Consider Figure 8.1.The value of the trade diversion effect, resulting from the Greece/France customs union, equals
Definitions:
Alternator
A machine used to generate AC by rotating conductors through a magnetic field.
Capacitance
The ability of a system to store an electrical charge per unit voltage, represented in farads.
Line Current
The current that flows through the conductors of an electrical distribution system or in any single conductor.
Inductance
A characteristic of an electrical conductor wherein an alteration in the current passing through it generates an electromotive force within the conductor and in nearby conductors due to mutual inductance.
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